Bluefin Acquires TECS to Combine Payments and Data Security Solutions
Bluefin and TECS’ combined technologies will help meet increased global demand for secure omnichannel payments
ATLANTA and VIENNA–(BUSINESS WIRE)– Bluefin, the recognized integrated payments leader in PCI-validated encryption and tokenization technologies that protect payments and sensitive data, today announced the acquisition of TECS Payment Systems, a global provider of omnichannel payment solutions to acquirers, payment service providers and POS system providers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221101005043/en/
Consumer demand for omnichannel payment options has grown at an astounding rate. According to Insider Intelligence, e-commerce sales are expected to reach $6.169 trillion in 2023, up from $3.351 trillion in 2019, while mobile payments are projected to grow from $1.97 trillion in 2021 to $11.83 trillion in 2028, reports Fortune Business Insights. Merchants require payment acceptance and processing technologies—whether in-person contactless, digital wallet, mobile or online—that ensure data privacy and security.
Together, Bluefin and TECS will serve 34,000 connected merchants and nearly 300 global partners in 55 countries. The strategic combination expands the global footprint of both organizations. Bluefin and its customers gain omnichannel payments and smartPOS capabilities that will integrate with the company’s existing payments and data security suite. TECS and its customers will benefit from the addition of data security solutions that address growing needs of larger organizations, as well as additional resource investment in the innovative TECS product and solution suite.
“We are delighted to welcome TECS’ employees, customers and partners to Bluefin,” said John M. Perry, CEO, Bluefin. “This combination brings together two companies that focus relentlessly on meeting merchant needs for next-generation payment processing and management as well as the secure exchange of PHI and PII data with PCI-validated encryption and tokenization.”
The TECS platform supports international card payments, fleet cards, account-based payments and digital wallets processed through in-person, mobile, unattended and e-commerce channels. SmartPOS devices are offered from Sunmi and Newland through the company’s own AppStore and Terminal Management Systems (TMS). Gateway features include multi-currency processing, a robust fraud system, a gift card/loyalty program and a proprietary 3D Secure (3DS) solution integrated with the card brands.
Bluefin specializes in encrypted and tokenized integrated payments through their PCI-validated point-to-point encryption (P2PE) solutions for point-of-sale (POS) transactions and ShieldConex® data security platform for the tokenization of payments, Personally Identifiable Information (PII) and Protected Health Information (PHI) entered online.
“There were natural synergies between the TECS and Bluefin solutions and teams,” said Fazlollah Rostamian, Founder and CEO, TECS. “We are excited about what the strength of our combined resources will mean for our customers, and the many ways we can help businesses provide the payment experience that their customers demand.”
TECS will be integrated into the Bluefin team and continue its Austria-based operations, managed locally by TECS CEO and founder Fazlollah Rostamian.
Bluefin is the recognized integrated payments leader in encryption and tokenization technologies to protect payments and sensitive data. Bluefin’s product suite includes solutions for contactless face-to-face, call center, mobile, Ecommerce and unattended payments and data in the healthcare, higher education, government and non-profit industries. The company’s 200 global partners serve 20,000 enterprise and software clients operating in 47 countries. For more information, visit https://www.bluefin.com/.
Founded in 2000, TECS provides omnichannel payment solutions to Acquirers, Payment Service Providers, POS system providers, Independent Software Vendors and other merchant aggregators around the globe based on an open cloud-based payments platform. The TECS payments platform is integrated with over 100 technology partners, acquirers, processors and payment providers worldwide, including Fiserv, Global Payments, Worldline, EVO Payments and more, and connects 14,000 merchants in 17 countries with their in-store, unattended, mobile, and e-commerce solutions. For more information, visit https://www.tecs.at/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005043/en/
This material is not a CNA editorial material and CNA shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person mentioned in the text of the press release.
Source: Cyprus News Agency