BofA Merchant Services Adds Secure Payment Product

Electronic payment provider First Data and Charlotte, N.C.-based Bank of America today announced that Bank of America Merchant Services will offer the First Data TransArmor solution to its U.S. merchant base, bringing secure payments to its merchant customers.

The TransArmor service tokenizes consumer card data as soon as it is recorded by merchants.

“Data security is a top priority for Bank of America Merchant Services and our merchant community,” said Mike Reed, chief operating officer at Bank of America Merchant Services. “The ease with which the TransArmor solution can be added to existing point-of-sale environments along with the value of completely removing card data from those systems to protect payment card data and diminish PCI compliance demands makes it the perfect fit for our merchants. Having confidence in the security of customer data enables them to focus even more on running their core business.”

Bank of America and First Data entered a joint venture last year creating Bank of America Merchant Services. The entity has a portfolio of more than 350,000 merchants, and provides merchants with a number of payment products.