Invapay and regify to offer unique cybersecurity technology for virtual cards
Partnership launches security technology for Virtual Card Transmission
London 30th March 2016: Invapay, the leading provider of B2B payment technology and regify, the trusted e-communications service provider, today announced a partnership that will see regify’s unique regimail solution integrated into Invapay’s Global Master Merchant Payments platform. This new technology will be used to transmit Virtual Card Numbers in a verifiable way to merchants for processing through their own Merchant Terminals.
regimail ensures that Virtual Cards are kept secure when in transmission to any supplier/merchant anywhere in the world. Most similar systems do not use encrypted and verifiable email technology which means emails containing Virtual Card Numbers are open to interception and misuse or fraud. This initiative provides the fundamental technology required for Global Banks and Card Schemes who now wish to offer this facility to their customers.
The combination of the Invapay platform and the regify technology will make it safer and easier for clients to use the service and remain PCI-DSS compliant at the same time.
Sid Vasili, Invapay’s CEO and founder said “We have launched the first worldwide application of this technology which confirms Invapay's dedication to protect card holders and their suppliers. regify shares our belief in developing the most effective technology available and uses state-of-the-art cryptography for security. Cybersecurity is one of the hottest topics in fintech right now.”
Realising the scale of damage that data breaches cause, four banking industry giants (JP Morgan Chase, Bank of America, Citigroup and Wells Fargo) collectively spend $1.5 billion each year on cybersecurity. The economic cost of a breach in security can be crippling for any organisation. A recent report estimated that the cost of a data breach increased by 11% in 2015.
“We can now offer a cost-effective solution for financial institutions looking to protect themselves and their customers from this growing threat,” said Vasili.
Kurt Kammerer, regify’s CEO and co-founder explains: “Our partnership with Invapay is built on their proven track record of providing secure, compliant and reliable financial services to merchants globally. We see this partnership as enabling the banks and card schemes to expand their offering to buyers and merchants.”
The regify / Invapay service is ready for commercial launch and implementation is currently under discussion with a number of global banks and card schemes. This solution is the essential bedrock for launching a new type of global credit card payment service.
Contacts
John Vasili, Commercial Director, Invapay
+44 (0)7973 186899
john.vasili@invapay.com
Andrew Henderson, Sales Director, regify
+44 (0)1256 861 813
andrew.henderson@regify.com
About Invapay
Invapay is a UK based payment technology company. They offer an efficient, flexible way to manage payments and working capital and are connected to over 800 banks. Invapay operates across three continents, processes all major currencies and provides a flexible payments alternative that ensures long-term buyer and supplier benefits.
The cloud-based solution can be operational in 24 hours, which provides more access to credit lines at the flick of a switch. The enhanced transaction data enables efficient processing and reconciliation of payments. This enables CFOs to be confident of financial control and compliance.
About regify
regify's suite of trusted e-communication services enables you to transact securely and verifiably on any digital channel. Thanks to regify’s patented and security-audited cloud technologies and products, organisations can communicate, collaborate and transact on the existing infrastructure. regify’s services are made available through selected regify providers and can be used in standalone mode or integrated into workflows.
Furthermore, regify users have secure access to the whole user community as the regify technology enables a global network of services. Customers include companies both large and small, such as BDO, Würth or Volksbanken, public service organisations such as UK NHS or Luxemburg eHealth system, and consumers.
Sources
http://letstalkpayments.com/the-economic-cost-of-being-hacked/