First Data Corporation, a global leader in electronic commerce and payment processing, announced that Commerce Bank, a subsidiary of Commerce Bancshares, will begin offering the First Data TransArmor solution to its business customers.
The data security service is the latest innovation added to the bank’s enhanced suite of payment products and services available to U.S. merchants.
The cost to attain, maintain and verify Payment Card Industry Data Security Standard (PCI DSS) compliance is skyrocketing. According to the National Retail Federation, its members have collectively spent more than $1 billion so far on PCI DSS compliance as part of their business operations.
“Providing thought leadership by bringing solutions to market that reduce compliance costs for merchants is a value-added approach that resonates with our customers,” said Stephen F. Ruch, senior vice president, Merchant Services, at Commerce Bank. “Adding the First Data TransArmor service to our portfolio of electronic payment solutions, gives our merchants access to industry-leading data security technology and significantly reduces the scope of PCI compliance.”
The TransArmor solution fundamentally changes the way merchants protect and manage cardholder data. Leveraging RSA SafeProxy™ architecture, the TransArmor service safeguards consumer payment card data from the moment it enters the merchant environment, and replaces card data with a token number that preserves the value of card data for merchant business operations but removes all value for fraudsters. Today more than 200,000 U.S. merchants of all sizes are securely processing transactions with the First Data TransArmor solution.
“Protecting customers’ payment card information and adhering to PCI DSS has become increasingly challenging and expensive for merchants of all sizes,” said Tim Horton, vice president of Merchant Product Management, First Data. “By removing cardholder data from their systems and simplifying PCI, Commerce Bank merchants can focus more time on serving customers and expanding their businesses.”