Electronic Payment Software Module CheckPlusCFO
Electronic payments are payments that are processed from the bank account directly to payee using secure protocol and encryption. Transactions are processed with the means of electronic payment software. Electronic payments provide a convenient and efficient way to process B2B and / or B2C transactions.
In order to transact electronically, the company needs to set up account with their financial institution, so the funds can be withdrawn from the bank and transferred to the recipient’s account. Printech Global Secure Payment Solution CheckPlusCFO offers a module that carries electronic payment software function to the financial institutions that disburse electronic payments.
There are many types of electronic payments, including electronic cash (ACH payments), credit and debit cards, bit-coins, a new concept to electronic transactions, micro-payment systems and other. CheckPlusCFO module provides electronic payment software that allows processing ACH electronic payments.
Printech Global software developers stay up to date with industry security requirements that are especially strict for payment processing. With fraudulent electronic transactions happening in various industries, it is especially important to secure the information and protect the client. Printech works with financial institutions in USA as well as international including government entities and insurance companies. That is why electronic payment software needs to be the highly secure product. Every day you can read the breaking news about security breach in huge department stores and major banks. Electronic payment software from Printech Global Secure Payment Solutions adheres to stringent security requirements and regulations.
Important security factors in electronic payment software
- Use encryption and decryption technology. During encryption process the original text is changed into ciphertext, which is decrypted by the receiver and transformed into original binary form.
- Check privacy of communication so they cannot be changed during transmission
- Verify client and server information
Many electronic payment software processors use secure socket layer (SSL) that is the standard security technology for establishing encrypted link between web server that processes the payment and a browser where the information is entered. When customer enters secure area of a website (https) to make payment, the browser retrieves the SSL Certificate and checks its validity. If the certificate has expired, the browser displays a warning to the end user.
SSL technology is open source that has been used to process electronic transactions over the web, however it has gone under attack of hackers who get access to the data during transmission. The bug is known as the “Heartbleed bug in OpenSSL” and “POODLE Bug”. This weakness allows stealing the information protected, under normal conditions, by the SSL/TLS encryption used to secure the Internet.
SSL 3.0 was introduced in 1996 and nearly 95% of web browsers is this security protocols. The usage of Hotspots, public Wi-Fi, makes this attack a real problem. This type of attack falls into the “Man-in-the-middle” category.
CheckPlusCFO is a desktop application that is installed on the server and does not connect to the internet to retrieve information. It is housed on the end-user servers and is not vulnerable to Open SLL bugs. Printech Global Secure Payment Solutions protects its clients by constantly monitoring possible breaches in security and improving electronic payment software.