Major Israeli Bank Turns To Stanchion For Secure Payment Environments And HSM Migrations
Stanchion Payment Solutions has successfully completed HSM migration for one of Israel’s top three banks. The bank has migrated from ARX hardware security modules (HSMs) to Futurex HSMs.
HSMs power the bank’s secure payments environments such as managing the cryptographic key exchange for the bank’s ATM and kiosk networks. In addition to the core HSM replacement, the bank invested in remote touch devices that allow for secure remote management of the hardware, reducing the number of visits needed to secure data centre locations in-person.
ARX had a successful market share in Israel of HSMs and had announced that it was ending support and maintenance for its product line as it exits the HSM market. This latest success represents the third live deployment and riskless migration from ARX HSMs to Futurex trusted platform, in the Israel market.
The bank went through a rigorous RFP procurement process and chose Stanchion’s expertise and the market-leading Futurex HSM to manage the next generation of data encryption for their operations. Key factors in the decision were the platform’s rich user interface, relevant client base, and confidence in Stanchion to deliver a seamless migration.
Stanchion Payment Solutions Ltd, a global payments solution provider, delivers world-class skills, solutions and services to institutions. Stanchion led the bid and delivery process to augment and support the bank’s in-house team to help with the migration to the modern, advanced payment security platform based on Futurex encryption technology. Stanchion brings extensive experience in both the payments and HSM environment and used this experience to help the bank with its smooth migration.
Stanchion’s partner, Futurex, is one of the world’s leading providers of cryptographic technology and solutions for payment processing, card and mobile issuance, and advanced fintech solutions. The company offers an advanced, best-of-breed portfolio of HSM solutions that comply with all PCI and FIPS security standards.
“In today’s mission-critical, 24x7x365 payments environment, strong hardware-based cryptographic infrastructure remains a critical need for Israeli banks. Even more so with rapid growth in mobile initiated payments, electronic wallets and future contactless payments and open banking alternative payments methods,” said Norman Frankel, Regional Managing Director UK/Europe and Israel at Stanchion Payments. “With a local entity registered in Tel-Aviv we are well positioned to help banks and payment providers with the full management of their HSM and public key encryption infrastructure, with the experience of many Futurex deployments and customers around the world.”
Roland Allen, General Manager EMEA at Futurex, added, “This successful third migration in Israel is part of our continued investment in this market. Futurex can help banks in Israel to replace legacy HSMs from ARX and other providers with new, innovative technology, or to virtualise payments infrastructure while retaining PCI and FIPS security compliance. Another strong feature of the Futurex product line, with its API and International Command sets, is the ability to also work in mixed-estate environments. We see this as a growing approach to risk mitigation.”
Established in 2001, Stanchion Payments has offices in Australia, South Africa, the UK, Middle East and the USA. Our experience in complex payments environments and our ability to leverage our international client engagements enables us to offer a range of solutions, services and products to integrate, manage, optimise and secure your payments systems. Trusted by clients around the globe, we have a collaborative and flexible approach, focused on addressing our clients’ business opportunities and challenges. To facilitate services to clients in Israel, Stanchion Payments has a local office in Tel-Aviv.
For over 40 years, Futurex has been a trusted provider of hardened, enterprise-class data security solutions. More than 15,000 organizations worldwide, including financial services and corporate enterprises, have used Futurex’s innovative hardware security modules, key management servers, and enterprise-class security cloud solutions to address their mission-critical systems, data security, and cryptographic needs. This includes the secure encryption, storage, transmission, and certification of sensitive data. For more information, please visit futurex.com.