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september-a month worth celebrating!! |
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Payment Security: Key developments
Rohit Patni, Co-Founder and EVP Sales & Marketing and Sophia Dahri, Marketing Manager, come back on the key developments on Payment Security.
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CafeTwoCann using YESpay's managed payment service: small business operational efficiency explained
The installation of YESpay's EasyV-Hospitality with CafeTwoCann's POS
system was very easy and took just a couple of days to complete!
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EMBOSS celebrates two years of 100% uninterrupted payment Service!
EMBOSS, YESpay's payment gateway, has once again reached a new operational record
of 2 YEARS of uninterrupted Service providing 100% availability.
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Pouch Mobile Wallet Services arrive in the UK, powered by YES-Wallet.com
YES-Wallet.com, unveils Pouch - a mobile wallet service, all set to usher in a new
payments lifestyle using smartphones and YESfstore. Launch On October 11th in London.
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YESpay is growing!
YESpay recently added two more members to its ever growing team of committed professionals.
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Payment Security: Key developments
Rohit Patni, Co-Founder and EVP Sales & Marketing at YESpay
and Sophia Dahri, Marketing Manager, come back on the key
developments on Payment Security
Card payments security is fundamental for all stakeholders – from financial institutions,
payment processors, merchants and cardholders. With security standards constantly
evolving to fight fraud, robust technologies have been adopted by payments system to
ensure security and to protect cardholders’ details being transmitted across potentially
open networks.
Traditional retail card and mobile payment transactions are
upgrading to the next generation security technology involving
Point-to-Point (P2P) Encryption easing the PCI-DSS related (Payment Card Industry Data Security
Standard) merchant burden.
Privacy, confidentiality, non-repudiation and integrity of payment transactions are essential
security requirements. Indeed fraud techniques like spoofing, sniffing, content alteration and
denial are prevalent therefore a unified point-to-point encryption security between PCI-DSS
compliant zones is getting more and more essential. In addition to this, technologies like EMV
Chip & PIN cards and Tokenization enhance protection at the retail level by providing strong security
features and remove the need to store clear cardholder details at the Point-Of-Sale (POS).
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EMV Chip & PIN Technology
EMV (Europay, MasterCard, Visa) has helped reduce fraud worldwide at the POS tills. With UK having mandated the use
of EMV at the point-of-sale since 2005, Canadian merchants started their migration to handle EMV card transactions in
an effort to beat the liability shift date back in March 2011. The migration is still under process and has been a success.
Failure to meet the EMV deadline results in a shift of liability for card fraud towards merchants who have NOT yet
installed chip-capable terminals and upgraded their POS to support EMV. This translates into high chargebacks, and
fraudsters will focus on merchants who are not yet EMV compliant.
Point-to-Point Encryption and PCI-DSS compliance
EMV technology made it more difficult for fraudsters to commit card fraud. However, to date (August 2011) no clear
standards have been issued by the PCI council. P2P Encryption and PCI-DSS standards are further measures to be
implemented by merchants. Merchants need to upgrade to a Chip and PIN compliant system as well as leverage P2P
Encryption for enhanced security.
Point-to-Point Encryption has become a hot topic amongst merchants within recent months. However, to date no clear
standards have been issued by the PCI council. The only authoritative statement comes from Visa recommending to:
- Limit clear text availability of cardholder data and sensitive authentication data to the point of encryption and the point
of decryption.
- Use robust key management solutions consistent with standards.
- Use key-lengths and cryptographic algorithms consistent with standards.
- Protect devices used to perform cryptographic operations against physical compromises.
- Use an alternate account or transaction identifier for business processes such as processing of recurring payments,
customer loyalty programs or fraud management.
PCI-DSS is a security standard including requirements for security management, policies, procedures and software design.
Every acquiring bank, merchant or third party service provider accepting card payments and storing, processing or
transmitting payment card details must be PCI-DSS certified. For merchants, the compliance process is costly and lengthy
as stringent requirements must be followed. Using a fully outsourced and managed payment service provider like YESpay,
companies can save up to 65% on their compliance costs.
Tokenization
Tokenization is a popular means of strengthening electronic transactions’ security while reducing the complexity linked
to industry standards and government regulations. Tokenization aims at preventing the theft of credit or debit card
information potentially stored within the Point-Of-Sale. Indeed, Tokenization allows the merchant to re-use card data
without actually storing any sensitive card information on their POS systems.
Security in payments can be a real puzzle for Retailers whose core business is selling and not payments. To ease their life
and dispose this burden, retailers more and more decide to completely outsource their payment needs to a third party
like YESpay who will take care of the management and security of the end-to-end payment transaction from the POS all
the way to the issuer of the card.
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CafeTwoCann using YESpay’s managed
payment service: small business operational
efficiency explained |
Cafe TwoCann is a family run Cafe-Restaurant in the prestigious Swansea
Waterfront development. The owners chose to switch to YESpay’s EMBOSS managed payment service as they wanted to
have a payment solution integrated to their Point-Of-Sale (POS) system. Previously they were using two credit card
terminals supplied by their acquiring bank –not linked to their POS system, connected to a basic telephone line. This
solution was causing several issues, such as transaction errors from miskeying transaction amounts, slow authorisation
times resulting in customer queuing and difficulty in reconciliation, hence it has been decided to migrate to a fully
integrated payment solution using YESpay.
The installation of EasyV-Hospitality with Cafe TwoCann’s POS system was very easy and took just a couple of days to
complete! The benefits to the business were immediate: more accurate card sales, speedier authorisation,
user-friendliness, less errors in taking card payments. Indeed, this integrated solution allows Cafe TwoCann to offer a fast
and faultless service to its customers, while effectively serving more clients in less time. Debit or credit card payment
checkout is no longer an issue as YESpay’s payment service fulfills end-to-end authorisation requests in less than 5 seconds.
EasyV-Hospitality is the most comprehensive pre-accredited portable card payment solution, with full support for split
bills and gratuity functions, for pay-at-table EMV Chip and PIN cards within restaurants, bars and clubs. Dennis Cann,
Owner of Cafe TwoCann says " We have achieved approximately savings of £20 per month against bank owned terminals.
We also save staff time by not requiring reconciliation with our ePOS system as YESpay is integrated and gives us access
to web based real-time reporting. I believe YESpay is a great company to work with and allows Cafe TwoCann to compete
with larger businesses. This is achieved by providing card solutions with value-added services, such as Gift Cards and
Web payment options as a pay as you go service. I would truly recommend their products and services to any small
business that wants to automate their payments and stay ahead of their competitors."
YESpay is ideal for small merchants but Rohit Patni, EVP Sales & Marketing at YESpay also explains why EMBOSS perfectly
fits the needs of larger retailers: "YESpay caters to merchants of all sizes, from one till shops to hundreds of integrated POS
systems in big retail chains. Small businesses, in particular, can attain significant savings by migrating to YESpay's
managed payment service integrated to their POS system. Today, EMV Chip and PIN is a must-have card payment option
for a business and with integrated payments, the checkout process becomes quicker and erases human errors. The cost of
compliance, which can be a major concern for small merchants, is also taken care of with YESpay's easy to integrate solution."
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EMBOSS celebrates two years of 100% uninterrupted payment Service!
Offered as a SaaS (Software as a Service) model, the key to the success of YESpay’s
fully EMV Chip & PIN, PCI- DSS (Level 1) and PA-DSS certified EMBOSS payment
service is its unique ‘Cloud A2 computing architecture’, which delivers its reliability,
performance and service quality.
YESpay was the first PSP to implement Cloud Computing within its four data
centers (2 in UK and 2 in North America) and is now a leading global multi-channel
payment service provider addressing the EMV card present and card not present
payment needs of merchants across UK, ROI, mainland Europe, Canada and USA.
With this incredible new record YESpay proves to be, once again, the most resilient
and stable EMV payment service.
"One of the most critical elements of retail is the ability to take
card payments securely and reliably. Itim is delighted to say
that for the past two years, the uninterrupted service
provided by YESpay’s Emboss solution has been a major benefit
to our customers and reduced the number of calls to our Service Desk."
Neil Crawshaw, Commercial Manager, Itim Limited
"The enormous task of adopting dual-centre and
cloud-computing card payment service architecture by YESpay
was completed in September 2009. This initiative has proved
to be an excellent investment by us for our global merchant community as this
initiative has now led to over 2-years of NON-STOP EMV chip & PIN card
payments authorisation service provided to our ever growing merchant base still
expanding at over 40% annually."
Dr. Chandra Patni, CEO and CTO, YESpay International Limited
"In October 2009 after one month of 100% availability I said
to Nigel Exton, SVP Operations and Client Services at YESpay,
that I would be impressed when YESpay could boast of 18 months of uninterrupted
service. I was so convinced it wouldn’t happen that a bet was agreed. I now have to
finally admit that I have lost the bet!"
Geoff Smith, Head of IT, The Works stores
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YESpay is growing!
YESpay welcomes 2 new members to its ever growing team of committed payments professionals.
Mary Di Vincenzo, VP Operations & Client Services (North America)
mary.divincenzo@yes-pay.com
Prior to joining YESpay, Mary was VP, Operations and Technology for a retail software and
services company and was responsible for strategy development and execution as well as
service delivery across all areas of the business. With over 20 years experience spanning the
financial, retail, payments and technology industries, Mary has lead teams of retail and
payments experts to design and develop integrated retail payments solutions and deliver EMV compliance for a
number of large, international retailers. She has extensive knowledge of retail payments in North America and
experience across all aspects of systems development, integration, certification and deployment. Mary has a BA
in Business Management from Ryerson University located in Toronto, Canada. |
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Costas Charalambous,
Accreditation Manager (UK)
Costas.Charalambous@yes-pay.com
Costas joined YESpay in September 2011 as Accreditation Manager in the headquarters in UK.
Costas has over 30 years of experience in the UK retail banking sector. He began his career
working for the National Westminster Bank and completed all traditional retail banking activities,
where he grew to become Assistant Manager. After moving to their Head office, Costas began his
career in IT undertaking Business UAT and System testing within the banks' accounts. Costas moved on to Group IT
to plan and manage the Y2K testing at the end of 1999. With his ISEB Foundation Certificate in the pocket in 2000,
Costas worked on a variety of Bank projects until November 2009. Costas joined Streamline's ESD testing team
where he was primarily employed as an on-site accreditation tester. He left school completing his GCE 'O' levels.
Having completed the Business Education Council Certificate, Costas passed the Chartered Institute of Banking
examinations.
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© 2010 YESpay International Limited. All rights reserved.
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This email was sent by:
UK: YESpay International Limited. Checknet House, 153, East Barnet Road, Barnet, Hertfordshire, EN4 8QZ, United Kingdom
Tel: +44 (0) 871 221 9510 - eMail: sales@yes-pay.com
Canada: YESpay International Ltd, 116 Spadina Avenue, Suite 201 M5V 2K6 Toronto Ontario, Canada.
Tel: +1 416 214 6012 - eMail: sales.ca@yes-pay.com
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