Stanchion, Futurex and Credics Partner to Help Financial Institutions in Israel Modernise their Secure Payments Environments

Stanchion, Futurex and Credics have invested in the development of a fully compatible and compliant hardware security module (HSM) solution to support financial institutions in Israel managing data encryption for their operations, including those that are migrating from the ARX HSMs to modern platforms

Following the announcement that ARX is ending support and maintenance for its product line as it exits the HSM market, riskless migration from ARX HSMs to the Futurex modern platform will now be available.

Stanchion, a global payments solution provider and integrator with a growing base of clients in the Israeli banking sector, and Credics, an Israel-based payments technology firm, will deliver world-class skills and services to institutions that wish to implement or  migrate to a modern, advanced payment security platform based on Futurex encryption technology.

In order to make this work for the local market, to provide local invoicing and local support resources, Stanchion is forming a local legal entity in Israel – Future Payment Solutions (Israel) Ltd.

Futurex is one of the world’s leading providers of cryptographic technology and solutions for payment processing, card and mobile issuance, and advanced fintech solutions. The company offers an advanced, best of breed portfolio of HSM solutions that comply with all PCI and FIPS security standards.

“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 and future contactless payments and open banking alternative payments methods. We are well positioned to help banks and payment providers with the full management of their HSM and public key encryption infrastructure,” said Norman Frankel, Regional Managing Director UK/Europe at Stanchion and Director, Future Payment Solutions (Israel) Ltd.

“Futurex and Stanchion have worked together for many years and have gained significant experience migrating some of the largest financial institutions in the world from legacy HSMs to the Futurex Hardened Enterprise Security Platform, giving them the peace of mind of knowing that they have compliant, reliable data security infrastructure in place,” said Graham Williams, CEO at Stanchion.

Roland Allen, General Manager EMEA at Futurex, said: “This partnership forms part of our continued investment in the Israeli market. Through Future Payment Solutions (Israel) Ltd, we can help banks in Israel to replace legacy HSMs from ARX and other providers with new technology, or to virtualise payments infrastructure while retaining PCI and FIPS security compliance.

“It is not only banks looking to migrate from ARX HSMs that can benefit from adopting new HSM technology. The advantages of our multi-functional hardware are manifold: reduced up-front capital expenditure, lower overhead costs for maintenance, simplicity of training, and reduced time expenditures.” said Ryan Smith, Vice President Global Business Development at Futurex.

Haim Zemah, CEO at Credics, added: “With the recently announced end of life for ARX HSMs in the Israeli market, there is an urgent need for banks and other financial institutions  in Israel to transition to alternate vendors before security vulnerabilities arise in their HSM estate. We are pleased to partner with Futurex and Stanchion to offer a local solution that will provide advanced crypto services and reduce the risks and accelerate the pace of the transition from ARX and other legacy HSM platforms to a modern platform. With this technology in place, an institution has a scalable and versatile solution in place to satisfy its evolving business needs.”

“We are delighted to see British companies continuing to invest in Israel, and the growing prosperity in both our countries. This builds on core British strengths in Retail Technology and FinTech. The British Embassy team is striving to support bilateral trade and investment and strengthen trade ties between the UK and Israel”, said Mark Power, Deputy Head of Mission, British Embassy Israel.