Major Israeli Bank Turns to Stanchion for Secure Payment Environments | Abuja Business Reports Newspaper & Magazine Major Israeli Bank Turns to Stanchion for Secure Payment Environments | Abuja Business Reports Newspaper & Magazine

Major Israeli Bank Turns to Stanchion for Secure Payment Environments

Share To Social Media

This post has already been read 8 times!

Stanchion Payment Solutions, which was established in 2001, with offices in Australia, South Africa, the UK, Middle East and the USA, has successfully completed HSM migration for one of Israel’s top three banks. The bank has migrated from ARX hardware security modules (HSMs) to Futurex HSMs.

HSMs power the bank’s secure payments environments such as managing the cryptographic key exchange for the bank’s ATM and kiosk networks. In addition to the core HSM replacement, the bank invested in remote touch devices that allow for secure remote management of the hardware, reducing the number of visits needed to secure data centre locations in-person.

ARX had a successful market share in Israel of HSMs and had announced that it was ending support and maintenance for its product line as it exits the HSM market. This latest success represents the third live deployment and riskless migration from ARX HSMs to Futurex trusted platform, in the Israel market.

ALSO READ  Update: NNPC Assures of Adequate Supply of Petrol, Discourages Panic Buying

The bank went through a rigorous RFP procurement process and chose Stanchion’s expertise and the market-leading Futurex HSM to manage the next generation of data encryption for their operations. Key factors in the decision were the platform’s rich user interface, relevant client base, and confidence in Stanchion to deliver a seamless migration.

Stanchion Payment Solutions Ltd, a global payments solution provider, delivers world-class skills, solutions and services to institutions. Stanchion led the bid and delivery process to augment and support the bank’s in-house team to help with the migration to the modern, advanced payment security platform based on Futurex encryption technology. Stanchion brings extensive experience in both the payments and HSM environment and used this experience to help the bank with its smooth migration.

ALSO READ  Unsigned Electoral Bill: CNPP Urges Nigerians To Step Up Pressure Over Delayed Assent

Stanchion’s partner, Futurex, is one of the world’s leading providers of cryptographic technology and solutions for payment processing, card and mobile issuance, and advanced fintech solutions. The company offers an advanced, best-of-breed portfolio of HSM solutions that comply with all PCI and FIPS security standards.

According to Norman Frankel, Regional Managing Director UK/Europe and Israel at Stanchion Payments, “In today’s mission-critical, 24x7x365 payments environment, strong hardware-based cryptographic infrastructure remains a critical need for Israeli banks.

“Even more so with rapid growth in mobile initiated payments, electronic wallets and future contactless payments and open banking alternative payments methods,” said he said.

“With a local entity registered in Tel-Aviv we are well positioned to help banks and payment providers with the full management of their HSM and public key encryption infrastructure, with the experience of many Futurex deployments and customers around the world”, Norman Frankel added.

ALSO READ  Minister Speaks On Value Chain of Establishing Mining Clusters

Roland Allen, General Manager EMEA at Futurex, added, “This successful third migration in Israel is part of our continued investment in this market.

“Futurex can help banks in Israel to replace legacy HSMs from ARX and other providers with new, innovative technology, or to virtualise payments infrastructure while retaining PCI and FIPS security compliance.

“Another strong feature of the Futurex product line, with its API and International Command sets, is the ability to also work in mixed-estate environments. We see this as a growing approach to risk mitigation”, Roland Allen said.


Leave a Reply

Your email address will not be published. Required fields are marked *


Enjoy this blog? Please spread the word :)

%d bloggers like this: