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September 9, 2015updated 04 Apr 2017 4:01pm

Vantiv introduces new payments security suite for merchants

Vantiv, a provider of payment processing services, has introduced a new payments security suite that protects consumer card data, reduces counterfeit fraud and enhances payment processing security to help merchants with PCI 3.1 compliance requirements.

By Verdict Staff

Vantiv, a provider of payment processing services, has introduced a new payments security suite that protects consumer card data, reduces counterfeit fraud and enhances payment processing security to help merchants with PCI 3.1 compliance requirements.

Dubbed as OmniShield Assure, the security bundle features EMV or chip card fraud protection, card data encryption and OmniToken secure tokenization service to ensure that payment transactions are transmitted and stored safely.

Available on all new terminals offered by Vantiv, OmniShield Assure also comprises Vantiv’s easy-to-use compliance assistance solution, PCI Assist, to help small and medium-sized businesses (SMBs) meet PCI standards, as well as the Breach Assist program which helps merchants with expenses assessed by the card associations during a data compromise.

The new solution will also work with both point-of-sale (POS) integrated solutions and standalone terminals, initially supporting multiple models of the VX 520 EMV and NFC-enabled terminal solution from Verifone, and Ingenico iCT220 and iCT250 models.

A research conducted by Vantiv found that 61% of merchants are aware of the coming liability shift in October, while 81% think the change will be beneficial for businesses and consumers and only 29% had made the change to actually process chip cards.

Vantiv chief strategy and product officer Daniela Mielke said: "We’re pleased that OmniShield Assure will help our customers better protect cardholder payment data and prevent counterfeit fraud.

"We know that businesses see the value in security, but many don’t understand or have a plan for how to implement a security package. OmniShield Assure is designed to help those businesses quickly, in one suite of products, see the path to more secure payments processing."

Verifone North America Financial Services Group vice president and general manager Shan Ethridge said: "Supporting Vantiv’s security offering with our software and terminal solutions not only enables them to reduce risk and complexity for small and mid-sized merchants – it also helps to ensure that they can provide their clients the ability to accept EMV in advance of the liability shift and support future methods of payment."

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