SAN DIEGO, June 8 /PRNewswire/ -- Semtek Innovative Solutions Corporation announced today it has entered into a multi-year, global agreement with Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, to provide the merchant processor with end-to-end security services and infrastructure for the Elavon merchant portfolio.
"Elavon is committed to providing our merchants the most effective security available to protect cardholder data throughout the transaction lifecycle," said Christopher S. Kenyon, Chief Information Officer and executive vice president, Elavon. "Semtek's end-to-end encryption technology helps mitigate the risk associated with card acceptance, extending peace of mind to merchants everywhere."
Semtek's Cipher Decryption Service (CDS) is being installed on the Elavon host system to capture transactions that have been encrypted at the point of the swipe in point-of-sale devices. Encryption occurs entirely within the Tamper Resistant Security Module of the payment device and no decryption occurs until the transaction is within the Elavon host environment. Semtek's services to Elavon include the Cipher Key Management Suite (CKM), system monitoring and reporting (CDMS), and professional services for large merchant implementations.
Patrick Hazel, Chief Executive of Semtek, commented: "We are very pleased to have been chosen by Elavon to deliver end to end encryption capabilities to their merchant portfolio. Elavon was very clear in their product strategy and requirement for rapid availability and we are gratified to be their first-to-market choice."
Semtek's Cipher Security Solutions, which involve both point-of-sale device applications, software security, and network services, create a continuous security band originating when a card is used to when the transaction is complete. Semtek's encryption solutions, when paired with Semtek's card authentication and monitoring systems, protect payment cards throughout their entire life cycle from data theft and card counterfeiting.
Semtek is focused on resolving the security vulnerabilities of magnetic stripe, contactless, and EMV based payment systems and is playing an increasingly central role in the development and deployment of end to end security architectures that resolve the security risks associated with accepting and processing payment card data. For more information, please visit Semtek's website at www.semtek.com.
Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon's services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Visit Elavon online at www.elavon.com.
SOURCE Semtek Innovative Solutions Corporation