TOREX PARTNERS MTXEPS, GIVING US RETAILERS IMMEDIATE PCI DSS COMPLIANCE AND SECURE ELECTRONIC PAYMENTS
NEW YORK. – January 12, 2009 - Torex Retail Holdings Limited (TorexTM), the leading global provider of innovative, integrated technology solutions to the extended retail marketplace, today announced that it has signed MTXEPS, Inc as its EFT partner in the US. Together they will provide the most secure and functionally rich solutions to US retailers.
As the dominant player in the extended retail market, Torex brings to this partnership extensive knowledge of retailers’ business requirements. Meanwhile, with more than 13,000 implementations in the US, MTXEPS offers a deep understanding of US-specific retailing challenges.
In the first stage of the partnership, MTXEPS will integrate its EFT solution with TorexTM Retail POS, TorexTM Retail POS business edition and TorexTM Grocery POS via a SaaS (software-as-a-service) model. With additional support for Flexible Savings accounts and the Electronic Benefits system
This is extremely significant and timely news for retailers. Payment security is one of retailers’ highest priorities today. All retailers must comply with the new Payment Card Industries Data Security Standard (PCI DSS). The latest version of this standard, effective as of 1 October 2008, requires that all credit card data must be encrypted. While most retailers in the US rely on credit card payments for a high proportion of their transactions, only around one third of them currently comply with this standard - risking not only loss of consumer confidence and possible repudiation of credit card service and fines of up to $500,000.
MTXEPS solutions already comply with this very latest PCI DSS electronic payment requirement, so they will automatically and seamlessly add this critical facility to Torex solutions, specifically for the US market. The systems integration is based on MTXEPS PANisolation design leveraging the SaaS model, no data will flow through the Torex solutions. The transaction created within the Torex POS is passed internally to the MTXEPS solution, which is subsequently encrypted and transmitted to the bank. Critically, this minimises data exposure for Torex customers. It enables them to take full advantage of the Torex capabilities immediately and confidently, without undertaking additional extensive, costly and time-consuming security or compliance steps.
Security aside, the combined solutions offer customers the richest functionality available in the extended retail market. Torex solutions have a proven record in optimising retail operations while giving decision-makers the real-time performance analysis they need in order to devise strategies that will excite, engage and retain customers for a greater return on investment. As well as simplifying and securing electronic payments, MTXEPS solutions provide additional customer engagement capabilities, such as the ability to advertise on the pin pad screen when it is idle and loyalty card lookup via the pin pad using the customers phone number. Adding a new payment type does not require an upgrade to the point of service solution, electronic payments software and reports are remotely managed, with MTXEPS robust electronic payment solution.
According to Doug Hargrove, Chief Marketing Officer, Torex, this partnership is a significant win-win for US retailers. He said, ‘Torex and MTXEPS not only have the proven expertise to comply with industry regulations and give retailers and their customers the confidence to make electronic purchases. They also have unrivalled experience in turning such compliance requirements into a competitive benefit, helping retailers to invest strategically to drive their businesses forward. This is exciting and reassuring news for our customers, who will in turn be able to pass that benefit onto their customers.’
Jon Elwood president of MTXEPS sees synergies in the alliance “We have the makings of a beneficial partnership. Torex and MTXEPS are aligned in providing customer satisfaction, with a focus on bringing innovative relevant business solutions to retailers. Torex ‘defining customer experience’ approach is readily apparent in their solutions and business practices”.
About Torex – www.torex.com
Torex is the leading global provider of innovative, integrated technology solutions to the extended retail marketplace. Torex has 20 years’ experience of working in partnership with the world’s most forward-thinking retail, petroleum and convenience and hospitality brands to entice, engage and retain their customers. Over 7,000 customers worldwide depend on our proven, best-in-class solutions and knowledgeable industry experts to help them identify, define and deliver a more personal and qualitative experience for each customer, and to maximise profitability, increase return on investment and achieve competitive advantage. Torex customers include McDonald’s, Tesco and Selfridges.
About MTXEPS, Inc. - www.mtxeps.com
MTXEPS is a privately held company based in California, markets electronic payment software solutions directly and through reseller channels. Leveraging over twenty years of experience, MTXEPS software suites offer a totally new dimension in enterprise electronic payments. Our solutions are seamlessly integrating to both point of sales and PIN pads while allowing the merchant to take advantage of MTX’s feature rich solutions with remote command and control. Our solutions are architected in a phased approach to secure customer card data, going above and beyond today’s Data Security Standards (PCI-DSS). At MTXEPS we are thinking about the future of electronic payments and have engineered our solutions to enable tomorrow’s electronic payments, TODAY.