Payments Gateway, MagTek team up for Point-to-Point Encryption Payment service

The P2PE payment service provides merchants with the ability to prevent the loss of payment data as a result of a data breach, malware and other threats. Leveraging the MagneSafe Security Architecture (MSA), card data is protected at the point of swipe and is secured by 3DES encryption and Derived Unique Key Per Transaction (DUKPT) Key Management. Card not present transactions are also supported by the MagTek IPAD, where account data is keyed into the PCI PED 2.x compliant pin-pad and encrypted before entering the organization’s systems. Encrypted data is then forwarded to the Gateway platform where the data is decrypted and processed for settlement.

Furthermore, Payments Gateway also offers the ability to tokenize payment data which is transmitted using the P2PE service. Tokenization of payment data is the process in which payment account information is replaced with a series of token digits which can then be used in place of payment account data in order to process future payments. Payment data is stored in the Payments Gateway platform which, as a PCI Level 1 provider, is subject to the industry’s data security standards. By tokenizing payment data, organizations are able to process recurring payments or future payments by sending a token in place of the sensitive payment account data.

In recent news, US email bill presentment and payment company Striata and Payments Gateway have entered a partnership to an email billing service.Under the deal, both parties have combined their electronic payment and presentment services with email billing and document delivery capabilities, enabling customers to receive and pay their bills electronically.