Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today the launch of OmniShield Assure, a security bundle designed to assist in protecting consumer card data, significantly reduce the chance of counterfeit fraud and enhance payment processing security to help merchants with PCI 3.1 compliance requirements.
OmniShield Assure, which comes standard on all new terminals provided by Vantiv, includes EMV or chip card fraud protection, card data encryption and the OmniToken secure tokenization service, to help ensure that payment transactions are transmitted and stored safely. In addition, it includes 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 in the event of a data compromise.
“We’re pleased that OmniShield Assure will help our customers better protect cardholder payment data and prevent counterfeit fraud,” said Daniela Mielke, chief strategy and product officer at Vantiv. “Securing the merchants’ payment environments is critical to help protect their businesses. Vantiv is leading the way when it comes to helping these businesses provide a safe shopping experience for consumers.”
According to Vantiv proprietary research, 61 percent of merchants are aware of the coming liability shift in October and the vast majority, (81 percent), think the change will be beneficial for both businesses and consumers, but the study also found that only 29 percent had made the change to actually process chip cards.
“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,” added Mielke.
The OmniShield Assure bundle includes:
• Card data encryption – to ensure that every card transaction is fully encrypted, from the time the card information is read to when it reaches the processing center.
• OmniToken – to protect card data used in recurring transactions by replacing it with a numerical identifier or token.
• PCI Assist – to provide several online PCI compliance tools (a unique PCI Wizard and To Do List to provide actionable tasks for compliance) as well as a monthly network scanning test service.
• Breach Assist – to reduce the merchant’s obligation to indemnify and reimburse Vantiv for certain fines, penalties and expenses imposed by the card associations by up to $100,000 per merchant location and up to $500,000 per event involving multiple locations. Breach Assist also provides up to $25,000 for post-breach hardware and software payment technology upgrades.
• EMV Support – to support Vantiv’s processing platform capability to accept chip cards, also known as EMV cards. EMV cards help prevent in-store fraud and are nearly impossible to counterfeit, as compared to older magnetic-stripe cards.
In addition to enhanced security and fraud prevention capabilities, OmniShield Assure is designed to 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.
“At Vantiv we have put together a complete package – one of the best in the industry – to help businesses prepare for chip card acceptance,” said Patty Walters, senior vice president EMV corporate strategy, issuing and acceptance at Vantiv. “We have already upgraded a number of our large national and regional merchants with EMV devices, as well as thousands of small business owners through their POS systems. All of these businesses are actively processing chip card transactions today.”
“This is a natural extension of our long standing relationship with Vantiv,” said Shan Ethridge, vice president and general manager, North America Financial Services Group, Verifone. “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.”