Major Israeli Bank Turns to Stanchion and Futurex for Secure Payment Environments
Stanchion Payment Solutions, a global payments solution provider, has successfully completed the migration for one of Israel’s top three banks, moving from ARX hardware security modules (HSMs) to Futurex HSMs, to secure their payment environments. Banks and payment providers use HSMs to manage encryption and cryptographic processing, such as the key exchange for ATMs and kiosk networks and mobile payment processing. Read the press release here.
With ARX ending support for its HSM product line, financial services organizations are needing to migrate their cryptographic infrastructures, with Stanchion Payments playing a critical role in this process. Since April 2022, three leading banks in Israel have migrated from ARX HSMs to Futurex HSMs, citing easy integration, compliance, rich user interfaces, developer-friendly workflows, and confidence in technology partner, Stanchion, to deliver a seamless migration.
“In today’s mission-critical, 24x7x365 payments environment, strong hardware-based cryptographic infrastructure remains a critical need for Israeli banks. Even more so with rapid growth in mobile initiated payments, electronic wallets, future contactless payments, and open banking alternative payments methods,” said Norman Frankel, Regional Managing Director UK/Europe at Stanchion and Director, Future Payment Solutions (Israel) Ltd. “With a local entity registered in Tel-Aviv, we are well positioned to help banks and payment providers with the full management of their HSM and public key encryption infrastructure, with the experience of many Futurex deployments and customers around the world.”