London, 13th August 2019: The global provider of Payment Hardware Security Modules (PHSM) as-a-Service, MYHSM Ltd, has partnered with US data security specialists, Prime Factors, to deliver the world’s first secure cloud-based payment solution using Thales payShield 10k.
Under the agreement, Prime Factors’ Bank Card Security System (BCSS) will expedite customers’ payment application development and integration with MYHSM’s PHSMaaS and hosted HSM services. BCSS provides a multi-platform, high-level API with integrated key management, that simplifies application development and HSM utilization for on-premise or cloud environments, enabling customers to connect with MYHSM’s payments security system for secure, PCI-compliant, cloud-based transactions.
More and more companies that support payment credentialing, including card issuance and payment transaction processing, are looking for support migrating services to the cloud in order to lower Total Cost of Ownership (TCO) and to streamline operations. With MYHSM and Prime Factors’ new partnership, companies can achieve this with minimal disruption, benefiting from a pre-tested migration from their on-premise HSM to MYHSM’s cloud-based solution.
Prime Factors’ BCSS enables new MYHSM customers to be onboarded and configured in a fraction of the time needed for standard HSM integration, while offering additional functionality. This includes integration with high-level APIs, management of cryptographic keys and user permissions, audit logs and reporting with tracking of PCI compliance, and load balancing and segmentation of HSMs. BCSS can also facilitate the generation of data structures, including cryptographic information, necessary for payment card or mobile wallet provisioning, such as Secure Element, Host Card Emulation and IoT – all helping to further enhance the speed, effectiveness and utilization of MYHSM’s services.
The combined Prime Factors and MYHSM technology is already in operation in the United States, as well as in the UK, where it has successfully integrated with payShield 9000 and the recently released payShield 10K from Thales eSecurity. Prime Factors is now ready to help clients leverage MYHSM’s services, and MYHSM is introducing BCSS as an option to help speed deployments for their customers integrating with Thales payShield for the first time.
John Cragg, CEO, MYHSM added: “Customers around the world are looking for more reliable and cost-effective ways to provide smooth, seamless payments to consumers. Partnerships like this are crucial to achieving this goal – allowing companies to work together, combining their expertise to deliver the best possible experience for end users.”
Henry Cheli, President & CEO, Prime Factors concluded: “This collaboration with MYHSM offers our many global customers additional flexibility in how they test, deploy and manage their hardened payment infrastructure, and it further serves as a tremendous option for innovations in mobile and IoT payments schemes. We are excited to continue working with MYHSM to offer our customers world-class payment solutions that meet their unique business needs and to provide new customers with a path to improve the onboarding speed, effectiveness, and management of payShield, the world’s number one payment HSM, through MYHSM’s services.”