First Data Corporation, a worldwide leader in offering electronic payment processing services and e-commerce software solutions to businesses and organizations announced that a new payment security solution called First Data® TransArmor is now available to merchants via First Data’s resellers and partners program. According to First Data, they are anticipating well over 110,000 businesses will be utilizing the secure platform by the end of 2010 to process transactions.
TransArmor is revolutionary in that it literally changes the way companies manage and secure credit card information by offering protection of cardholder data from the time it is presented to the business to process by taking the credit card data and replacing it with a token number and also preserving the card data value for the business to operation without having information that can lead to fraud present. TransArmor offer businesses the ability to virtually reduce their cost and risk when it comes to PCI compliance without having to do much changes to the business operation or hardware
A few months ago, First Data completed a successful test pilot program for TransArmor with several merchants in more than 150 retail locations and saw that it offered a very unique way of blending encryption and tokenization technologies. This would be the first time that TransArmor tokenized commercial payments using the STAR® Network which is also owned by First Data.
Source: company press release