Payment processor Elavon Inc. announced June 8 it has signed agreements with San Diego-based Semtek Innovative Solutions Corp. and Palo Alto, Calif.-based Voltage Security Inc., two competitors that provide advanced encryption services. Atlanta-based Elavon also offers its own advanced encryption products to merchants.
Semtek and Voltage offer services that encrypt transaction data from the point of sale until it is decrypted within Elavon’s network.
Elavon’s inclusive strategy is to ensure that its more than 1 million merchant-processing customers have choices, given the lack of an industrywide standard for advanced encryption and tokenization services, says Christopher Kenyon, Elavon chief information officer and executive vice president of systems and technology.
