BancNet taps SafeNet for critical data protection

MANILA, Philippines - SafeNet Inc., a global leader in information security, has announced its partnership with BancNet, the first and largest automated teller machine (ATM) consortium in the Philippines, to protect BancNet’s ATM outsourcing operations using SafeNet’s Luna EFT Hardware Security Module (HSM.)

With SafeNet’s Luna EFT, BancNet’s outsourcing processes are safeguarded from malicious attacks.

Luna EFT’s powerful end-to-end security solution protects the integrity of highly sensitive data that are passed on from network to network during inter-bank ATM transactions.

The solution safeguards the cryptographic keys throughout the payment transaction process, as well as card and PIN issuance and verification.

Cecill Irigo, BancNet’s Outsourcing Services head, said, “Partnering with SafeNet proved to be a very wise choice. The unique features of the Luna EFT helped us substantially decrease our costs and let us leverage on economies of scale so we are able to offer our hosting service at a competitive price. SafeNet’s dependable security architecture helped us carry out a service innovation that benefits our present and future clients.”

BancNet chose SafeNet as a security partner for its ATM outsourcing operation to provide the protection that its member-banks need, allowing the banks to focus on their respective core businesses.

The service frees clients from the complex processes and high costs of starting and managing their own ATM network. BancNet is able to service more banks, especially thrift and rural banks, so it is able to contribute to countryside development.

Humphrey Chan, SafeNet vice president for the Asia-Pacific, said, “SafeNet’s security technology was able to simplify BancNet’s outsourcing venture. We understand the pivotal role of information security in the evolution of businesses, hence our mission has been to help organizations across industries to protect and to control highly critical information.”

Humphrey said he sees the Philippines as a growing market given its continuously developing IT and business landscape. SafeNet aims to provide local enterprises with a broad suite of data protection solutions that secure critical information and support their business endeavors, whether that is developing new products, driving new services, maintaining competitive advantage or increasing operational efficiencies.

SafeNet is locally represented by Micro Resources International Inc., a recognized provider quality products and services to financial, banking, communication, and commercial industries.