JPMorgan’s Chase Paymentech launched on Wednesday Safetech Page Encryption—data-protection technology designed to secure customer data and mitigate risks associated with storing, transmitting and processing online payment information.
“Online merchants want to reduce the risk and cost burdens of complying with the industry’s security standards without having to give up control of the customer shopping experience,” Chase Paymentech President Dan Charron said. “With Safetech Page Encryption, customers’ payment data is secure and merchants can continue to support consumer engagement during the checkout process.”
Safetech Page Encryption encrypts payment data up until the moment the consumer enters payment information into a web browser. The payment will remain encrypted until it reaches Chase Paymentech for processing, after which the company will use Safetech Tokenization to replace customer payment data with an unidentifiable secure value.
Tokenized values are returned to the merchant to use for internal processes, and if a merchant’s network is compromised, the cardholder’s data will be tokenized and not accessible, thereby reducing fraud risk.
“The combination of Safetech Page Encryption and Safetech Tokenization differentiates Chase Paymentech’s ability to provide a safe and secure online payments experience,” Charron said. “Safetech Page Encryption is a software solution that requires minimal coding to and integration into a merchant’s existing system. The impact on a merchant’s IT resources is relatively low and encryption is seamless during the checkout process.”