Printable versionPlanet Payment Registered as End-to-End Processor with SAS 70 and PCI Certification
04/16/07Planet Payment [LSE: AIM: PPTR and PPT], a leading international multi-currency payment and data processor, announced today that it had been registered by Visa and MasterCard as an end-to-end third party processor, following the Company’s acquisition of a bankcard transaction processing platform and related Bermuda assets of TransWorld Payment Solutions, Ltd., which was announced in November 2006.
In addition the Company recently completed its annual Statement of Auditing Standards No. 70, Service Organizations Type II examination, performed by Deloitte & Touche LLP, and obtained re-certification of compliance with the Payment Card Industry (PCI) security requirements.
Following a period of integration, Planet Payment has now been registered as a third party processor by both Visa and MasterCard, for its platform with direct endpoints, or interfaces to the Visa and MasterCard networks, which will be used to route transactions as part of Planet Payment’s processing services.
As a result, Planet Payment can now maintain direct control over the entire transaction process path, from entry of the transaction by a merchant into a point-of-sale device to submission of the transaction to the Card Associations.
Commenting on the final registrations following the platform acquisition, Philip D. Beck, Chief Executive Officer of Planet Payment said:
“We are excited to complete the registration process with Visa and MasterCard following our previously announced acquisition of the transaction platform and related assets. The platform and direct interfaces to the Card Associations will provide us with greater flexibility in developing and deploying solutions that fit our partners’ business needs, especially in markets outside of the United States.”
Planet Payment also announced today that it had recently completed its annual Statement of Auditing Standards No. 70, Service Organizations (“SAS 70”) Type II examination, performed by Deloitte & Touche LLP, and obtained re-certification of compliance with the Payment Card Industry (PCI) security requirements.
Statement on Auditing Standards (SAS) No. 70, Service Organizations, as amended, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants. A SAS 70 Type II examination is significant in that it provides detailed information on the design of the systems and controls, and an opinion on the system description and controls of the service organization. The SAS 70 Type II examination included Planet Payment’s controls related to its credit card transaction processing applications and related general computer controls for the period of 1 December 2005 through 31 January 2007. The opinion received by Planet Payment was “unqualified,” which indicates that the description of controls presents fairly in all material respects, the relevant aspects of Planet Payment’s controls that had been placed into operation as of 31 January 2007, it also signifies that the auditors found that the controls included within the scope of the examination were suitably designed and operating with sufficient effectiveness to provide reasonable but not absolute assurance that the control objectives specified by Planet Payment were achieved during the period from 1 December 2005 through 31 January 2007.
The PCI Data Security Standard was developed as uniform standard for all Card Associations to ensure the protection of cardholder data through stringent security protocols imposed upon merchants and credit card processors. The PCI re-certification, which was undertaken by an independent security assessor approved by the Card Associations, validates that Planet Payment’s information security policies, processes and other measures have been implemented in accordance with industry standards on cardholder data protection. Planet Payment first received certification of PCI compliance in 2003 and has been duly re-certified every year since then.
Commenting on the SAS 70 Type II examination and PCI re-certification, Philip D. Beck, Chief Executive Officer of Planet Payment said:
“Planet Payment has always been committed to providing secure and reliable processing solutions to our clients. Our SAS 70 Type II examination and PCI compliance re-certification demonstrate our dedication to providing effective solutions that our processing partners, and their merchants, can depend upon.”
Enquiries to:
Joel Mayer
Director, Corporate Development
Planet Payment
670 Long Beach Boulevard
Long Beach, NY 11561
Tel: +1 516 670.3200
Fax: +1 516 670.3520
jmayer@planetpayment.com
Emma Kane
Chief Executive
Redleaf Communications Ltd.
9-13 St Andrew Street
London EC4A 3AF Tel: +44 20 7822 0200
Fax: +44 20 7822 0201
ek@redleafpr.com
About Planet Payment
Planet Payment is the trade name for Planet Group, Inc. [LSE: AIM: PPTR and PPT for Reg S and unrestricted common shares respectively]. Further information on Planet Payment can be found at: www.planetpayment.com
Planet Payment is a multi-currency payment and data processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. Planet Payment’s systems also enable it to provide enhanced data reporting and data management to merchants who are using multiple systems in different countries.
The Planet Payment business was established in 1999. Planet Payment is headquartered in New York and has offices in Atlanta, the United Kingdom, Bermuda, Singapore, Hong Kong, Shanghai and Beijing.
Forward-Looking Statements. Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding Planet Payment’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Planet Payment’s business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by merchants may take longer than anticipated, or may not occur at all. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
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