ProPay Adds ACH Encryption/Tokenization Services
ProPay has announced that it has added encryption and tokenization of Automated Clearing House (ACH) data (bank routing and account numbers) to its suite of ProtectPay services. “ProPay’s ACH encryption and tokenization solution removes the need for organizations to store, transmit, or process sensitive ACH payment data on initial and subsequent transactions. After ProPay captures, encrypts, and processes the ACH data, the data is replaced with a token which organizations can use for future transactions against the data.”
“The continuing increase in bank account takeovers is a serious concern for banks and their customers,” said Avivah Litan, Distinguished Garter Analyst. “Clearly, protecting ACH data is equally, if not more, important than protecting credit card data because there are fewer protections for consumers in the event that banking information is compromised.”
According to the FDIC, in the third quarter of 2009, bank fraud involving electronic funds transfers rose to over $120 million.
ProPay’s ACH encryption and tokenization services can be used to collect payments and disburse funds via the ACH network. Organizations can use ProPay’s online interface, batch file processing, or Application Programming Interface (API). The ProPay API enables organizations to easily integrate the service into their existing platform or website.
“ProPay is excited to extend its leadership role in providing simple, safe and affordable payment solutions to its customers by adding the ability to encrypt and tokenize ACH data,” said Greg Pesci, ProPay’s Chief Operating Officer. “ACH data is increasingly a target of the hacking community. ProPay is leading the industry and applying the same technology for protecting payment card information to the protection of ACH data through our ProtectPay offering. Remove the data and you remove the risk.”
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