The terminal maker Ingenico, payment processor FreedomPay and technology distributor ScanSource are teaming up to provide a point-to-point encryption system to North America with support for EMV-chip card payments.
The new offering combines Ingenico's On-Guard with FreedomPay's Commerce Platform, the companies said in an Aug. 19 press release. The companies' technology will support payments by EMV cards and Near Field Communication wireless payments. ScanSource will provide product support, integration, staging and deployment.
The U.S. is in the process of migrating to EMV-chip cards, which improve security over magnetic-stripe cards. EMV deters counterfeit card fraud but is not a silver bullet for security; for example, it does not prevent card-not-present fraud.
Ingenico, which is based in France, has three decades of experience in providing "advanced card data security solutions in the payments market," said Gregory Boardman, senior vice president of software and development at Ingenico North America. "Our new consortium with FreedomPay and ScanSource provides retailers with a PCI-certified P2PE solution. In the fight against fraud, there are no greater technologies than EMV and encryption."