MYHSM, the global provider of Payment Hardware Security Modules (HSM) as a Service today announces the results of its partnership with Global Accelerex, a leading digital payments solutions and services provider for developing economies in the sub-Saharan African region.
Founded in 2008, Global Accelerex delivers innovative and secure technology solutions via its extensive suite of products and services, addressing the e-payments needs of large and small organisations. To date, Global Accelerex supports over 90,000 merchants across 36 states in the country, in addition to 95% of Nigerian banks and has processed over 2 trillion transactions.
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Since 2018, MYHSM serves the financial industry with a secure, versatile, and scalable hosted payment solution, by providing global access to a suite of fully managed, PCI PIN compliant Payment HSM services.
After experiencing compatibility issues when connecting to third parties using Hardware Security Modules (HSMs) via its Software Security Module (SSM), Global Accelerex migrated to MYHSM’s Shared Live Service, and achieved a secure switching infrastructure in just two months.
Global Accelerex now benefits from MYHSM’s services, with access to three payShield 10K HSMs located in two physically separate world class data centres, ensuring service availability of 99.999%. Furthermore, the move from software-based security to industry standard hardware-based security also enabled Global Accelerex to become PCI compliant. The security benefits associated with maintaining PCI compliance are vital to the long-term success of all organisations that deal with payment solutions.
The partnership comes at a time when fraud cases are growing in frequency, due to the effects of COVID-19 – Action Fraud reports more than £4.6 million has been lost by victims to COVID-19 related cyber fraud alone. By migrating to MYHSM PCI PIN compliant infrastructure, Global Accelerex can now achieve maximum security with the use of HSMs configured to the payment specific PCI HSM standard located in PCI DSS data centres.
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John Cragg, CEO of MYHSM, added: “We’re delighted to share the success story so far with Global Accelerex. Historically, purchasing, managing and maintaining dedicated HSMs on premise requires significant, on-going investment, time and resources. That’s why we’re excited to be leading the charge when it comes to changing the face of payments security, by offering cloud-based infrastructure consumed ‘as a service’ that allows our customers, such as Global Accelerex, to provide enhanced services and security that has a direct positive impact on their end users and satisfaction levels.”
Chief Information & Security Officer for Global Accelerex, Matthew Ani, commented: “We knew MYHSM offered the right solution for us and would help us achieve speedy implementation in addition to the added level of security and compliance we were seeking. MYHSM quickly set us up with a development area for testing which required minimal effort from our side. Once we completed testing, migrating to the live service was seamless and the subscription pricing structure is ideal to support our rapidly growing business volumes. We look forward to the future of our partnership.”
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