BANGALORE, October 9, 2015 /PRNewswire/ --
- "uniPAY Next", Innoviti's Omni-channel Payment Gateway, has Become the First in the Country to get the Coveted PCI DSS 3.1 Certification
- Innoviti had Raised Series B Financing of Rs. 30 Crores in July 2015 from Catamaran Ventures, Bangalore and New India Investment Corporation, Canada. Prior Investors Include Titan Company (a JV between Tata Group and TIDCO)
- Commonly Used Technologies Such as SSL and 3DES are no Longer Considered Safe. Innoviti Through PCI DSS 3.1 has Upgraded all its Customers to the Latest Security Technologies
Innoviti Payment Solutions, a leading provider of payment automation and credit distribution solutions, announced that "uniPAY Next", Innoviti's omni-channel payment gateway has become the first in the country to get the coveted PCI DSS 3.1 certification. This certification to the latest standards of PCI DSS provides an unparalleled level of data security to customers using payment solutions provided by Innoviti.
(Logo: http://photos.prnewswire.com/prnh/20151009/10132317)
"Ensuring customers' data security is the foremost requirement for any payment processing solution and is a key focus at Innoviti. We are proud of being the first payment solution provider to be compliant with PCI DSS 3.1. This certification is a testimony to the strict levels of corporate governance that Innoviti complies with," - said Mr. Rajeev Agrawal, CEO, Innoviti.
Innoviti had raised Series B financing of Rs. 30 crores in July 2015 from Catamaran Ventures, Bangalore and New India Investment Corporation, Canada. Prior investors include Titan Company (a JV between Tata Group and TIDCO). One of the uses of the funds was to further scale and strengthen the payment infrastructure at Innoviti.
PCI DSS standards are formulated by PCI SSC (The Payment Card Industry Security Standards Council) that is currently represented by five major payment associations - Visa, MasterCard, American Express, Discover and JCB. Compliance with these standards by payment processing entities ensures that their customers will get a secure payment processing solution. These standards ensure that storage, processing and transfer of cardholder data through these solutions is secure. Internationally, several businesses accepting cards have suffered huge losses due to non-compliance with these standards.
The latest standards of PCI DSS have taken security measures to an entirely different level, by mandating compliance with latest security technologies and classifying several existing technologies in use as not being safe. Researchers at PCI SSC had identified several commonly used technologies as the cause of breaches in the past and made significant changes to the standards to prevent recurrence of such incidents. One of the major enhancements was in classifying the usage of SSL (Secure Socket Layer), a common transport technology used by most payment solutions, as unsafe. It has been replaced by TLS (Transport Layer Security) a more sophisticated technology. Further, 3DES (Triple Data Encryption Standard), which is the most commonly used encryption technology worldwide has been classified as inadequate and use of AES (Advanced Encryption Standard) has been strongly recommended. In order to comply with these standards, significant investments in time and money need to be made by payment solution providers to modify their software and upgrade the infrastructure and installations.
Innoviti is the first omni-channel payment gateway provider who has been able to upgrade its entire solution to these strict levels of compliance. Solution upgrades for customers has already been carried out and this enhanced security layer will provide an unparalleled level of security to customers using Innoviti solutions.
About Innoviti Payment Solutions Pvt. Ltd.
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous developed technology and constant innovation, Innoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SME lending that have become a benchmark in their markets. Innoviti processes over Rs. 8,000 Cr. of payment transactions annually including Rs. 1000 Cr. of credit. Innoviti's smelending.com is #1 in the segment of SME lending, processing over Rs 400 Cr. per year. uniPAY is India's only omni-channel payment platform for managing payment automation. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice. Innoviti is backed by marquee investors such as Titan Company (JV between Tata Group and TIDCO), Catamaran Ventures and New India Investment Corporation, Canada. For more information, visit http://www.innoviti.com.
Media Contact
Sarath Chandra Nerella
[email protected]
+91-7795348478
Marketing Manager
Innoviti Payment Solutions Pvt. Ltd.
Share this article