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Stanchion, Futurex and Credics to help FIs in Israel secure payments

StanchionStanchion, Futurex and Credics have partnered for the development of a fully compatible and compliant hardware security module (HSM) solution with the objective to support financial institutions in Israel managing data encryption for their operations, including those that are migrating from the ARX HSMs to modern platforms.

Global payments solution provider Stanchion and Israel-based payments technology firm Credics, will provide skills and services to institutions implementing or migrating to the Futurex platform based on encryption technology. Stanchion is forming a local legal entity in Israel called Future Payment Solutions to provide local invoicing and support resources.

Norman Frankel, Regional Managing Director UK/Europe, Stanchion and Director, Future Payment Solutions explicated, “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. We are well positioned to help banks and payment providers with the full management of their HSM and public key encryption infrastructure.”

Graham Williams, CEO, Stanchion stated, “Futurex and Stanchion have worked together for many years and have gained significant experience migrating some of the largest financial institutions in the world from legacy HSMs to the Futurex Hardened Enterprise Security Platform, giving them the peace of mind of knowing that they have compliant, reliable data security infrastructure in place.”

Futurex provides cryptographic technology and solutions for payment processing, card and mobile issuance, and advanced FinTech solutions.

Roland Allen, General Manager EMEA, Futurex enunciated, “This partnership forms part of our continued investment in the Israeli market. Through Future Payment Solutions (Israel) Ltd, we can help banks in Israel to replace legacy HSMs from ARX and other providers with new technology, or to virtualise payments infrastructure while retaining PCI and FIPS security compliance.”

Ryan Smith, Vice President Global Business Development, Futurex mentioned, “It is not only banks looking to migrate from ARX HSMs that can benefit from adopting new HSM technology. The advantages of our multi-functional hardware are manifold: reduced up-front capital expenditure, lower overhead costs for maintenance, simplicity of training, and reduced time expenditures.”

Haim Zemah, CEO, Credics elucidated, “With the recently announced end of life for ARX HSMs in the Israeli market, there is an urgent need for banks and other financial institutions in Israel to transition to alternate vendors before security vulnerabilities arise in their HSM estate. We are pleased to partner with Futurex and Stanchion to offer a local solution that will provide advanced crypto services and reduce the risks and accelerate the pace of the transition from ARX and other legacy HSM platforms to a modern platform. With this technology in place, an institution has a scalable and versatile solution in place to satisfy its evolving business needs.”

The platform is beneficial as it has been announced that ARX is ending support and maintenance for its product line as it exits the HSM market.

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