SWAP Launches Modern Payment Security Infrastructure with Thales to Accelerate Route to Market
November 03 2021 - 9:00AM
Business Wire
- Thales and First Tech enable fintech, SWAP, to leapfrog legacy
systems and provide customers with fast, secure digital
services
- SWAP has seen a four-fold increase in its customer
portfolio
In partnership with First Tech, global technology company
Thales today announced it has helped venture capital-backed
financial service provider SWAP launch its modern digital payment
infrastructure. With Thales’s cloud-based payment transaction
security solution, SWAP will deliver financial infrastructure
technologies faster and more effectively to its
banking-as-a-service customers.
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Banking-as-a-Service SWAP, a venture capital-backed
financial service provider, was founded in 2018 to support fintech
and service providers in the adoption of financial technology in
response to demand across all sectors – from marketplaces to ride
sharing – for more reliable transaction processing and expanded
financial and payment services.
However, company expansion and customer satisfaction relied on
in-built compliance with Payment Card Industry Data Standards (PCI
DSS). As a start-up, SWAP wasn’t able to implement the entire
technological infrastructure needed: a secure room would have
slowed and complicated the launch process, and ultimately, SWAP
needed to be able to provide accelerated, scalable, certified
access to the market. First Tech and Thales’ solution grants SWAP
the scalability and PCI certification it needs to grow as its
customers do.
“Our solution, delivered collaboratively with First Tech, has
proved instrumental in helping SWAP rapidly launch its product to
market. SWAP’s lack of legacy systems meant that the team could
leapfrog to providing the secure digital services their customers
needed in a short amount of time, and this has translated to
success for both SWAP and their customers. Thales has a rich
heritage in being a trusted provider of solutions that protect the
data and services businesses and end-users rely on. We look forward
to continuing to support SWAP and its customers in their impressive
growth,” said Todd Moore, VP Encryption Products at
Thales.
Driving growth First Tech’s hosted payShield Hardware
Security Module (HSM) offers SWAP a cloud-based service with HSM
off premises. Thales’ market-leading HSMs are highly scalable,
providing the flexibility and agility needed to support SWAP in its
future growth. The environment includes a secure room for insertion
of keys, the support of trained professionals, team training,
consultancy, and services.
Bruno Napolitano, CISO Security, Risk, and Fraud at SWAP
explained, “Thales payShield 10K is considered the benchmark for
payment HSMs, with an excellent performance and several global
certifications that prove the reliability of the solution for PCI
compliance. In fact, our credit card partner has confirmed this was
the fastest implementation of card issuance they’ve undertaken in
the past 15 years, which is testament to the solution at hand. This
speed to market has already made a huge impact on our growth, and
since launch, we’ve seen a four-fold increase in our customer
portfolio. Looking ahead, we expect to accelerate our growth by 30%
to 40% per year, always counting on the support from First Tech and
Thales.”
Edmar Siqueira, Head of innovation, Digital Payments at First
Tech added: “By working in tandem with Thales, we’ve been able
to provide SWAP with a remote HSM management system which enables
their business and their customers to benefit from operational cost
savings, greater agility, and on-demand key management.
Importantly, the success of this solution has been driven by both
the strength of the product and the commitment from all parties to
ensuring that the implementation process delivered a full-rounded
understanding which will continue to serve SWAP well as it
grows.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced
technologies, investing in digital and “deep tech” innovations –
connectivity, big data, artificial intelligence, cybersecurity and
quantum computing – to build a confident future crucial for the
development of our societies. The Group provides its customers –
businesses, organisations and governments – in the defense,
aeronautics, space, transport, and digital identity and security
domains with solutions, services and products that help them fulfil
their critical role, consideration for the individual being the
driving force behind all decisions.
Thales has 81,000 employees in 68 countries. In 2020 the Group
generated sales of €17 billion.
PLEASE VISIT Thales Group Security
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PRESS
Thales, Media Relations Security Constance Arnoux
+33 (0)6 44 12 16 35 constance.arnoux@thalesgroup.com
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