Finovate Blog

Bluefin Payment Systems announced this week that its PCI-validated, P2PE (point-to-point encryption) network, Decryptx, has expanded to more than 50 connected partners. The company says that it expects its roster of payment gateways, processors, and software platforms to grow to 60 by the end of the year.

“We proved the value of the Decryptx platform with our first partners – who were security trailblazers in recognizing the importance of PCI P2PE to their clients,” Bluefin Head of Global Sales, Greg Cornwell said. “Starting in mid-2016, interest in joining our Decryptx network grew significantly.” Cornwell added that many of the largest gateway and processing companies are Decryptx partners.

Bluefin Payments Systems first introduced its Decryptx technology in the fall of 2014. The company was the first North American provider to earn PCI validation for its P2PE solution, and only one of four companies in the world at the time with that validation. The goal was to provide a PCI-validated P2PE solution without forcing providers to abandon their payment processors. The idea developed to decouple payment processing and P2PE and instead offer P2PE via partner payment gateways, processors, and software providers. The result was Decryptx, Bluefin’s Decryption-as-a-Service (DaaS) platform.

“Decryptx provides any processor, gateway, or integrated software provider, globally, the ability to extend the security, cost benefits, and reduced PCI scope of Bluefin’s PCI-validated P2PE solution directly to their clients,” Bluefin Chief Strategy Officer Ruston Miles explained, “with no change in the processor relationship and no change in how merchants accept payments today.” Rusten pointed to three things the company’s partners sought most from the technology: “increased margins, move market-share, and reduce merchant attrition.”

Founded in 2007 and headquartered in Atlanta, Georgia, Bluefin Payment Systems participated in our inaugural developers conference, FinDEVr Silicon Valley 2014. At the conference, Bluefin’s Chief Strategy Officer Ruston Miles and Chief of Engineering Tim Barnett presented Bluefin, Point-to-Point Encryption (P2PE), showing how the technology can reduce the scope of card data environment and related PCI requirements.

Last month, Bluefin launched its PCI P2PD sub-listing option for Decryptx partners. This enables partners to list their own branded solution under Bluefin’s master listing on the PCI SSC website. The option makes it easier for the P2PE offering to transition to the partner’s product line, boosting merchant adoption. Named to the Technology Association of Georgia’s Top 40 Most Innovative Technology Companies for 2017 in February, Bluefin has raised $6 million in funding and includes Camden Partners, Napier Park Global Capital, and Goldman Sachs among its investors.