First Data Corp. says its TransArmor data-security services will be made available to more than 350,000 merchants that process with Bank of America Merchant Services, a joint venture between the Atlanta-based payment processor and Bank of America Corp.
Unveiled in a test in March (see story), TransArmor encrypts payment data at the point of sale through processing, eliminating the need for merchants to store cardholder data on site, thus reducing fraud exposure.
A First Data spokesperson says merchants are not obligated to use TransArmor. Neither company release pricing for TransArmor “as it may vary by sales channel and merchant,” the spokesperson says.
In September, First Data set a goal to enroll more than 100,000 merchants to use TransArmor by the end of this year (see story).
What do you think about this? Send us your feedback. Click Here.