Co-op outsources card payments processing
New payments tech deal to enhance data security across all of UK food retailer's stores and fuel sites
The retailer, with over 2,800 stores, will utilise the electronic payment and banking technology provider’s Universal Payments (UP) Merchant Payments system to secure its payment data with the latest version of its point-to-point encryption (P2PE) and tokenisation capabilities.
“The security of our customers’ data is of paramount importance to us,” stated Cheryl Marshall, The Co-operative Group retail chief information officer. “We believe ACI Worldwide’s UP Merchant Payments solution offers us not only the payment processing power we require, but also the flexibility to meet our needs in the future.”
Getting ahead of compliance curve
ACI will run the service for the Co-op from its European data centre. The Co-op will have a dedicated service, which the provider claimed has the scalability and flexibility to be adjusted to meet the retailer’s individual needs as they change over time, while enjoying all of the benefits of outsourcing.
P2PE is an encryption technique used to protect sensitive cardholder data in transit, as it is transmitted from a merchant’s store to its acquiring bank. The ACI system will be certified against version 2 of the Payment Card Industry (PCI) P2PE Standards specifications and is expected to go live across all of the Co-op’s stores in early 2017.
Andrew Quartermaine, ACI Worldwide head of merchant retail, added: “Using the latest version of P2PE and tokenisation will not only increase card security, but also put retailers ahead of the curve in terms of regulatory changes, especially as P2PE is likely to be mandated in the near future.”