Economy, Biz, etc...

PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
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CardNET Brings VeriFone?s VeriShield Total Protect to Dominican Republic

Kelly Dunst on 02 3, 2011

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VeriFone Systems, Inc. (NYSE: PAY), today announced that Consorcio de Tarjetas Dominicanas, S.A. (CardNET), the largest card transaction processor in the Dominican Republic, is the first customer in the Latin America and Caribbean region for VeriShield Total Protect secured by RSA.

CardNET processes an estimated 80 percent of the total value of card transactions in the country and will utilize VeriShield Total Protect to implement end-to-end encryption of card data. RSA, The Security Division of EMC (NYSE: EMC), and VeriFone in 2010 announced a strategic partnership to market their end-to-end encryption and tokenization solutions as an integrated payment security offering. With VeriShield Total Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server, eliminating any risk of usable cardholder data being compromised by a data breach.

?CardNET is to be commended for leading the region in employing the most secure card processing solution available today,? said Gustavo Jimenez, Vice President and General Manager of Integrated Systems for VeriFone Latin America & the Caribbean. ?VeriShield Total Protect, secured by RSA, is already the de facto industry standard for card protection in the United States and on its way to achieve the same status in Latin America and the Caribbean.?

CardNET selected VeriShield Total Protect following an extensive competitive review and determined that VeriFone?s solution provided for the most secure operations, incorporates the best manageability and monitoring capabilities, and ensures access to VeriFone?s expertise and best practices in card data security.

?VeriFone?s leadership in secure payment systems is without question the best in the market, so we are extremely confident that the utilization of VeriShield Total Protect, secured by RSA, will make CardNET one of, if not the most, secure card processing operations in this region,? said Eduardo Del Orbe, Executive Vice President of CardNET.

VeriFone?s patented, format-preserving VeriShield Hidden Encryption (VHE) uses sophisticated AES encryption and enables existing payment applications to deal with encrypted cardholder data that is unusable by hackers, but does not impact existing transaction message formats. That makes it possible to integrate VeriShield Total Protect without costly changes to existing POS, back-office and acquirer software.


VeriFone-PAYware-Mobile-credit-card-encryption-sleeve.jpg


CardNET Brings VeriFone

CardNET Brings VeriFone
 
PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
113
Santiago de Los 30 Caballeros
These are the fist steps being taken to introduce E-payment as the single solution for all DR value based transactions...

The fist fully fiber-optic system is laid already between the major cities in the DR to the HQs in SD. With the 4G and 5G wireless services soon the DR will remove paper/metal currencies from circulation.

Fiscal printers are being pushed to commerce in order to provide the backbone into digital systems.

Having a smart phone will be mostly what you'll need to carry out commerce in the DR.
All other non-smart phones will simply use a code generated from the text system, in order to carry out transactions as well.
 
Robert

Robert

Stay Frosty!
Jan 2, 1999
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PICHARDO said:
Having a smart phone will be mostly what you'll need to carry out commerce in the DR.
All other non-smart phones will simply use a code generated from the text system, in order to carry out transactions as well.
Click to expand...

I don't think so, maybe 5 years.
This country is a long way behind the USA, Asia or Europe in this field.

Have you ever had to deal with CardNet or VisaNet?
I would rather stab myself in the eye with a blunt stick!
 
PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
113
Santiago de Los 30 Caballeros
Robert said:
I don't think so, maybe 5 years.
This country is a long way behind the USA, Asia or Europe in this field.

Have you ever had to deal with CardNet or VisaNet?
I would rather stab myself in the eye with a blunt stick!
Click to expand...

LOL!! I agree with you on how they "do" biz or rather "don't", but one thing is clear: The present monetary system we use is not longer viable for security reasons. The DR lacks the backbone the US secret service owns to detect, target and eliminate counterfeit enterprise. We have a maaaaaaajor problem with counterfeit bills in the DR.

Also banks will be able to use their own "pay-over-phone" system, dealing directly with the wireless companies and bypassing the carnet, visanet lines.
 
M

MerengueDutchie

Silver
Oct 13, 2003
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This could be good news, provided:

1. The system actually works (like Robert indicated); but in private hands this can be achieved. Lack of pre-existing system can be an advantage here. Although I can't see the neighbourood colmados in the campos using this any time soon :)

2. They allow the use of direct debit cards only (otherwise it will just be too big a temptation to accrue massive amounts of personal debt; which unfortunately hasn't happened on a large scale in the DR).

My fear is that #2 is where it will all go wrong, expanding the credit base to too many Dominicans who can't pay back and will be indebted forever, paying high interest to the modern shylocks.
 
NALs

NALs

Economist by Profession
Jan 20, 2003
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MerengueDutchie said:
My fear is that #2 is where it will all go wrong, expanding the credit base to too many Dominicans who can't pay back and will be indebted forever, paying high interest to the modern shylocks.
Click to expand...
Of course that's your prediction. Without the doom and gloom, DR1 isn't quite DR1. :cheeky:
 
Robert

Robert

Stay Frosty!
Jan 2, 1999
20,574
341
83
dr1.com
NALs said:
Of course that's your prediction. Without the doom and gloom, DR1 isn't quite DR1. :cheeky:
Click to expand...

I like to think of it as a reality check on reality, based on history.

All we need now is PICHARDO to turn that into a mathematical equation and we are all set. Maybe an iPhone app?
 
M

MerengueDutchie

Silver
Oct 13, 2003
2,789
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NALs said:
Of course that's your prediction. Without the doom and gloom, DR1 isn't quite DR1. :cheeky:
Click to expand...

Nothing against you as a person but I can't understand how the availability of consumer credit on a large scale could be considered a good thing for the DR people.

1. Their exposure to credit goes up; so their dependency on making monthly payments goes up. Basically issuing credit to inexperienced people reminds me of the stories about the mining companies in South-America where everything is on-site and people are indebted for life. As another example please take a look at the stories about micro-credit and suicide in the Indian poorer areas.

2. If used this exposes the DR to the global economic climate on a much bigger scale then before, because cash-flow rather than unleveraged property will become the driver of 'flashy wealth'

3. I just don't consider consumerism such a good thing. I fail to see why one should buy a jeepeta del ano if a good solid 2nd hand would do the job just as well..

4. No Dominican company will be making money out of this; just another money maker for the 'aguila del norte' to quote a famous Latin American revolutionary (points for guessing who)..

So the end result; the credit won't be used to buy productive assets and therefore isn't a good thing for the DR people.
 
2

2dlight

Bronze
Jun 3, 2004
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MerengueDutchie said:
Nothing against you as a person but I can't understand how the availability of consumer credit on a large scale could be considered a good thing for the DR people.

1. Their exposure to credit goes up; so their dependency on making monthly payments goes up. Basically issuing credit to inexperienced people reminds me of the stories about the mining companies in South-America where everything is on-site and people are indebted for life. As another example please take a look at the stories about micro-credit and suicide in the Indian poorer areas.

2. If used this exposes the DR to the global economic climate on a much bigger scale then before, because cash-flow rather than unleveraged property will become the driver of 'flashy wealth'

3. I just don't consider consumerism such a good thing. I fail to see why one should buy a jeepeta del ano if a good solid 2nd hand would do the job just as well..

4. No Dominican company will be making money out of this; just another money maker for the 'aguila del norte' to quote a famous Latin American revolutionary (points for guessing who)..

So the end result; the credit won't be used to buy productive assets and therefore isn't a good thing for the DR people.
Click to expand...

I vote for Castro.
 
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