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TheStreet Open House

PYDS Selects Futurex To Deliver End-to-End Encryption For Its IRemotePay Mobile Application

Stocks in this article: PYDS

Payment Data Systems, Inc. (OTCBB: PYDS) an integrated electronic payments solutions provider, today announced that it has selected the industry leading Excrypt SSP9000 hardware security module from Futurex to be deployed with its soon to be released iRemotePay mobile application.

iRemotePay is a wireless mobile payments application that will be initially deployed for the iPhone®, iPad®, and iTouch® to process credit card and ACH payments (e-Checks) over the wireless networks from remote locations and view these payment transactions while away from the office.

Adhering to industry standards, the Excrypt SSP9000 is compliant with both current and emerging audit requirements, including ASC X9.24 – Part 1 and Part 2, FIPS 140-2 Level 3, and PCI HSM. During payment transactions, sensitive cardholder data is immediately encrypted at the point of capture by the iRemotePay mobile application and then decrypted by the Excrypt SSP9000 behind a secure boundary, ensuring full end-to-end protection.

This regulatory compliance and functionality will increase the iRemotePay merchant's confidence and that of their customer by knowing that their financial data is secure and protected at the very point of sale and throughout the entire transaction.

Michael Long, CEO of Payment Data Systems, said, “We recognize the number of mobile devices on the market is dramatically increasing as well as the global acceptance of mobile payments. Therefore the need for secure authentication of mobile devices has never been greater as is the demand for continuous uptime and throughput scalability. With this increased focus on security it follows that encryption of financial data at the point of capture with protection of the data that is in transit along with auditable tracking is paramount to security and confidence by all using the devices. After an exhaustive market search of encryption devices and methods, we believe Futurex provides the greatest capability to assure our iRemotePay customers that they have the best-in-class security and end-to-end encryption.”

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