MYHSM partners with EFTLab to deliver cloud-based payment solutions

By Edil Corneille

MYHSM, the global provider of cloud-based Payment Hardware Security Modules (HSM) as a Service, has entered into a strategic partnership with Brisbane-based EFTLab, said to be a global Breakthrough Payment Technology company which will drive full-cloud deployments anywhere in the world. The collaboration between the two parties entails the provision of a more cost-effective, agile, and compliant deployment solution strategy for FinTechs, banks, and merchants. This eradicates the requirement for legacy infrastructure and legacy technology systems, thereby saving time on integration, professional services, and development. This also enables financial companies to test and deploy payment solutions quickly, reducing complexity and reducing the lengthy time-to-market typically experienced in the highly regulated payments industry.

Headquartered in London, MYHSM provides access to a suite of fully managed, PCI complaint Payment HSM services, utilising Thales payShield 10K HSM’s, hosted in multiple, Equinix data centres. The MYHSM service is available as a monthly subscription fee which dynamically scales to a company’s usage levels and eliminates any need for a physical Payment HSM infrastructure.

CEO of MYHSM John Cragg enunciated, “MYHSM aims to simplify the complex payment infrastructure and provide this as a globally accessible service, delivering reduced capex without compromising on security standards. EFTLab share this ethos and together we are perfectly placed to offer the payments industry an affordable and flexible full-cloud payment solution which can be implemented quickly and efficiently accelerating time to market. We are excited to work with EFTLab, both services remove huge barriers to entry and provide expertise and support along the way.”

EFTLab is said to offer a variety of Breakthrough Payments (BP) solutions which includes it’s certified PA DSS payment switching platform BP-Node which can be deployed in virtually any environment. This bundled with EFTLab’s payment testing suite BP-Sim and flexible middleware options mean clients can quickly deploy a scalable processing platform, all of which are customisable to meet the needs of each individual company.

CIO of EFTLab Viktor Kouril encapsulated, “When legacy products cannot keep pace with the electronic payment industry’s increasing demands, it is time to work with a A-Grade partner which encourages solution innovation and flexibility and considers the current market forces across the whole value chain when deploying a switch. We are proud to align with MYHSM and partner with a company whose core values are similar as ours.”

Security and scalability are said to be at the forefront of this partnership and together both MYHSM and EFTLab facilitate cloud transformation and deployment with the solutions. The current surge in cloud adoption has been accelerated globally by COVID-19. The collaboration simplifies cloud architecture whilst reducing the total cost of ownership, investment costs, and regulatory burden to ensure companies have a competitive edge to prosper in the ever-changing payments environment.