SWAP Launches Modern Payment Security Infrastructure with Thales to Accelerate Route to Market

Rhea-AI Summary

Thales, in partnership with First Tech, has successfully aided fintech SWAP in launching its modern digital payment infrastructure. The collaboration allows SWAP to offer rapid and secure financial services, resulting in a four-fold increase in its customer base. Built to adhere to Payment Card Industry Data Standards, SWAP's new system enhances scalability and supports ongoing growth. Thales's cloud-based security solution is key to SWAP's operational efficiency, expecting annual growth between 30% and 40% as it expands its services.

Positive

• SWAP experienced a four-fold increase in its customer portfolio.
• Projected growth of 30% to 40% per year.

Negative

• None.

• 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

PARIS LA DÉFENSE--(BUSINESS WIRE)-- 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.

©Thales

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211103005068/en/

PRESS

Thales, Media Relations

Security

Constance Arnoux

+33 (0)6 44 12 16 35

constance.arnoux@thalesgroup.com

Source: Thales

FAQ

What partnership did Thales announce in relation to SWAP?

Thales announced a partnership with First Tech to assist fintech SWAP in launching its digital payment infrastructure.

What was the impact of Thales's solution on SWAP's customer base?

SWAP saw a four-fold increase in its customer portfolio following the implementation of Thales's solution.

What growth rate is SWAP expecting annually after this partnership with Thales?

SWAP expects to accelerate its growth by 30% to 40% per year.

Which standards does SWAP's infrastructure comply with?

SWAP's infrastructure is built to comply with Payment Card Industry Data Standards (PCI DSS).

How does the Thales solution enhance SWAP's service delivery?

Thales's cloud-based payment transaction security solution allows SWAP to provide financial infrastructure technologies faster and more effectively.