Payment Security 360: From Attestation to Tokenization

A leading challenge for merchants is managing payment security. An increasingly complex transaction flow can lead to additional security risks in many payment systems. That means cardholder data protection must be a primary concern within the payments environment.

OLS understands that many merchants want to reduce or eliminate that complexity where possible rather than continue to build on an already complex environment. OLS solutions are built to operate on every central platform, and the platform was specifically designed to integrate with existing and new solutions.

Additionally, the OLS payments solution includes enhanced security technology. While that technology includes encryption and tokenization, it also provides compliance functions. Our PCI-compliant solution, with fully redundant data centers, offers mission-critical processes that are secure and reliable.

How does a payments orchestration partner help merchants improve payment security?

A payments orchestration partner can help merchants accept new payment types while reducing complexity and enhancing transaction processing security. With a security-first mindset, OLS Payments provides merchants with access to enhanced security functionality to protect customer information and insulate payment systems from security risks.

Prioritize Transaction Security From the Beginning

Security is a top priority for anyone processing payments, so OLS gives retail technology leaders a streamlined payment processing system that prioritizes transaction security from the beginning. Our approach to security first means that security is not added on later.

PCI

Integral to payment security is compliance with the Payment Card Industry Security Standards Council (PCI SSC) standards. Founded in 2006 by the largest global payment networks, PCI issues security standards that aim to guard against credit card fraud. As your payment orchestration partner, OLS will help merchants ensure that their customers’ data is protected by following payment security protocols such as PCI Compliance. The Payment Application Data Security Standard (PA-DSS) is an additional set of standards to ensure that businesses do not store prohibited secure data, such as magnetic stripe, CVV2, or PIN.

The OLS platform supports an ever-expanding set of cash-in mechanisms, payment types, and channels in a secure environment that is fully compliant with the PCI DSS and PA-DSS requirements. The platform includes the security, encryption, tokenization, and compliance functions merchants utilize to reduce the scope associated with network PCI and PA-DSS certification. This can significantly lower operational and compliance costs, allowing merchants to reduce their PCI scope and protect their payment systems quickly and easily.

Robust payment security has the additional benefit of saving businesses money through relief from breach notification. In most states in the U.S., a company that has suffered a breach must notify anyone whose data was compromised. When businesses can eliminate the ability to compromise sensitive data, they may also be able to reduce many of the costs associated with a typical data breach.

SOC

OLS takes security seriously, which is why we also maintain a Service Organization Control (SOC) report which further attests to taking the appropriate steps to secure your payment systems. OLS maintains both SOC 2 Type 1 & 2 reporting on an annual basis. In particular, SOC is an audit that deals with an organization’s internal controls relevant to the security, availability, processing integrity, confidentiality, and privacy of customer data. A Type 1 attestation covers a specific point in time, whereas a Type 2 attestation covers an extended period of time.  Third-party SOC reporting assures businesses that OLS has the appropriate controls in place to protect customer financial data, specifically related to data storage and security.

Payment Security Throughout the Entire Transaction Process

The payment ecosystem is complex, with security vulnerabilities all along the transaction pathway, and if not protected, there is potential for data to be exposed several times through the payment process. Encryption and tokenization are two primary ways for merchants to protect customer information and insulate payments systems from the risk of data theft.

In the process of converting information into an unintelligible form, except to holders of a specific cryptographic key, encryption is a critical component of payment system security. With OLS merchants have the flexibility to implement a customizable point-to-point encryption solution.

Beyond encryption, tokenization is a further way to safeguard customers’ personal information and limit exposure to hackers. This powerful security technology allows merchants to protect and remove cardholder data from their systems by using unique identifiers to store payment data, without compromising security. By using algorithms to generate incomprehensible characters, tokenization is irreversible, making it impossible to hack.

Payment Orchestration Helps Improve Payment Security

With a suite of enhanced data security solutions, OLS Payments can help merchants drive down risk, reduce the footprint of their PCI scope, and ensure the highest security for every transaction. Contact us today to learn how OLS Payments can help you implement the right solutions and features to protect cardholder data and your payment systems.

Key Takeaways

• A leading payment challenge for merchants is managing payment security.
• The OLS platform has tokenization and encryption built into its core architecture.
• Payments orchestration can help businesses improve their payment processes by enabling greater payment system security.
• The OLS platform is fully compliant with the PCI DSS and PA-DSS requirements.
• OLS Payments can help merchants ensure the highest security for every transaction.