MOUNTAIN VIEW, Calif. -- CyberSource Corporation (NASDAQ:CYBS) today announced the launch of a new service enabling eCommerce merchants to process electronic payments without the risk of storing or even handling sensitive account information. With CyberSource's Payment Data Management, CyberSource, not the merchant, manages sensitive customer information such as credit card numbers and related transaction data. CyberSource handles and stores all payment data on behalf of the merchant in security-certified processing centers that connect directly with the banking network. As a result, consumer payment information is safer, merchant risk decreases, and merchant compliance with card association security rules can become simpler and faster.
The new service has already received strong interest from customers. The Georgia Technology Authority, information technology manager for the State of Georgia, is an early adopter. It has been tasked with ensuring that state agencies accepting payment online do so under the standardized card association guidelines that came into effect last June, called Payment Card Industry Data Security Standard or PCI.
"Securing PCI certification for our many agencies is a huge undertaking," said Mark Reardon, director of security for the Authority. "CyberSource's Payment Data Management service has minimized the challenge by eliminating the need for our constituent agencies to handle any payment card information. CyberSource handles the acceptance, processing, transmittal and storage of our eCommerce transactions. We've now successfully processed hundreds of thousands of transactions with the CyberSource service -- and we're not touching confidential account data. Our certification efforts have been accelerated and we are very happy about the level of security being provided to the state's eCommerce customers."