Stanchion Payment Solutions Announces Agreement with Israeli Bank

Stanchion Payment Solutions has successfully completed the HSM migration for one of Israel’s three largest banks. The bank migrated from ARX Hardware Security Modules (HSMs) to Futurex HSMs.

HSMs power the bank’s secure payment environments, such as managing the exchange of cryptographic keys for the bank’s ATM and kiosk networks. In addition to the main HSM replacement, the bank has invested in remote touch devices that enable secure remote management of hardware, reducing the number of visits needed to secure in-person data center locations.

ARX ​​had a successful market share in Israel of HSMs and had announced that it was ending support and maintenance for its product line as it exited the HSM market. This latest success represents the third live deployment and risk-free migration of ARX HSMs to the trusted platform Futurex, in the Israeli market.

The bank went through a rigorous bidding process and selected the expertise of Stanchion and market leader Futurex HSM to manage the next generation of data encryption for its operations. Key factors in the decision were the platform’s rich user interface, relevant customer base, and trust in Stanchion to ensure a seamless migration.

Stanchion Payment Solutions Ltd, a global payment solutions provider, offers world-class skills, solutions and services to institutions. Stanchion led the tender and delivery process to augment and support the bank’s internal team to assist in the migration to the modern and advanced payment security platform based on encryption technology Futurex. Stanchion brings extensive experience in payment and HSM environments and has used this experience to help the bank achieve a smooth migration.

Stanchion’s partner, Futurex, is a leading global provider of cryptographic technology and solutions for payment processing, card and mobile issuance, and advanced fintech solutions. The company offers an advanced and state-of-the-art portfolio of HSM solutions that comply with all PCI and FIPS security standards.

“In today’s critical 24/7/365 payment environment, a strong hardware-based cryptographic infrastructure remains a critical need for Israeli banks. Even more so with the rapid growth of mobile-initiated payments, e-wallets and future contactless payments and open banking alternative payment methods,” said Norman Frankel, Regional Managing Director UK/Europe and Israel at Stanchion Payments. “With a local entity registered in Tel Aviv, we are well positioned to assist banks and payment providers with the complete management of their HSM and public key encryption infrastructure, with experience from numerous Futurex and customer deployments in worldwide.”

Roland Allen, Managing Director EMEA at Futurex, added: “This third successful migration to Israel is part of our continued investment in this market. Futurex can help banks in Israel replace legacy HSMs from ARX and other vendors with innovative new technology, or virtualize payment infrastructure while maintaining PCI and FIPS security compliance. Another strong feature of the Futurex product line, with its sets of international APIs and commands, is the ability to work in mixed environments as well. We see this as a growing approach to risk mitigation.

About Matthew R. Dailey

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