Bluefin buddies up: Decryptx P2PE network grows to 50+ connected partners
Bluefin buddies up
Bluefin Payment Systems announced that its PCI-validated, P2PE (point-to-point encryption) network, Decryptx, has expanded to more than 50 connected partners.
The company expects its roster of payment gateways, processors, and software platforms to grow to 60 by the end of the year, reports David Penn at Finovate (Banking Technology‘s sister company).
“We proved the value of the Decryptx platform with our first partners – who were security trailblasers in recognising the importance of PCI P2PE to their clients,” states Bluefin’s head of global sales, Greg Cornwell. “Starting in mid-2016, interest in joining our Decryptx network grew significantly.” Cornwell says that many of “the largest gateway and processing companies” are Decryptx partners.
Bluefin first introduced its Decryptx technology in 2014. The company was the first North American provider to earn PCI validation for its P2PE solution, and only one of four companies in the world at the time with that validation. The goal was to provide a PCI-validated P2PE solution without forcing providers to abandon their payment processors. The idea developed to decouple payment processing and P2PE and instead offer P2PE via partner payment gateways, processors, and software providers. The result was Decryptx, Bluefin’s Decryption-as-a-Service (DaaS) platform.
“Decryptx provides any processor, gateway, or integrated software provider, globally, the ability to extend the security, cost benefits, and reduced PCI scope of Bluefin’s PCI-validated P2PE solution directly to their clients,” explains Bluefin’s chief strategy officer, Ruston Miles, “with no change in the processor relationship and no change in how merchants accept payments today”. Rusten points to three things the company’s partners sought most from the technology: “increased margins, move market-share, and reduce merchant attrition”.
Last month, Bluefin launched its PCI P2PD sub-listing option for Decryptx partners. This enables partners to list their own branded solution under Bluefin’s master listing on the PCI SSC website. The option makes it easier for the P2PE offering to transition to the partner’s product line, boosting merchant adoption.
In February this year, Bluefin raised $6 million in funding. It includes Camden Partners, Napier Park Global Capital, and Goldman Sachs among its investors.
Bluefin was founded in 2007 and is headquartered in Atlanta, Georgia, US.
