SEAL BEACH, CA and PHILADELPHIA, PA (December 15, 2010) – MagTek, Inc., a global leader in electronic payments security technology, today announced that InstaMed, the industry leading Healthcare Payments Network, is the first to offer an end-to-end encrypted card reader for patient payments via MagTek's Dynamag Secure Card Reader Authenticator (SCRA) device.
Based on MagTek's MagneSafe™ Security Architecture, the Dynamag SCRA device encrypts both payment cards and healthcare identification cards at the point of swipe, protecting the patient's payment data as well as sensitive protected health information (PHI).
"MagTek is a technology leader in information security and continues to develop products that support our commitment to secure data and compliance," said Bill Marvin, President and CEO of InstaMed. "While we have been offering MagTek devices since the launch of InstaMed, we are extremely pleased to be the first to offer an end-to-end encrypted card reader for patient payments via MagTek's new Dynamag device.
"We are thrilled to have the InstaMed Network using our MagneSafe Security Architecture to protect patient data," said Sarah Irato, Senior Vice President of Sales and Marketing for MagTek. "As the industry leading expert in healthcare payments compliance, InstaMed is going beyond HIPAA standards by offering the highest level of data security at the point of service with our Dynamag device.
The Dynamag SCRA is the front line instrument in the MagneSafe Security Architecture, allowing InstaMed to offer end-to-end encrypted payment transactions at the point of swipe. Specifically designed to meet PCI-DSS requirements to secure cardholder data, the MagneSafe Security Architecture employs industry standard Triple DES encryption. And by supporting Magensa.net, a fraud prevention, detection and advisory service, InstaMed will offer the added security feature of detecting copied or fraudulent cards to protect consumers, financial institutions, payment networks and merchants from payment card fraud. This is accomplished using MagnePrint®, an advanced card authentication technology. Additionally, the Dynamag can easily connect by USB to any web-based computer on the InstaMed Network.
InstaMed is the industry leading Healthcare Payments Network, supporting solo practitioners to billion dollar health systems, with over 70,000 users nationally and $10 billion in healthcare payments processed. The first company to offer a single platform for real-time healthcare clearinghouse and payment transactions, InstaMed creates significant and proven efficiencies, which deliver increased payments for Providers, more efficient disbursements for Payers and convenient payment options for Patients. InstaMed is registered with Visa and MasterCard and is certified as a Payment Card Industry Data Security Standards (PCI-DSS) Level One Service Provider. InstaMed is also fully accredited by the Electronic Healthcare Network Accreditation Commission (EHNAC) as a healthcare clearinghouse. Visit InstaMed on the web at www.instamed.com.
Since 1972, MagTek has been a leading manufacturer of electronic devices and systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and other identification documents. Leading with innovation and engineering excellence, MagTek is known for quality and dependability. Its products include secure card readers, check scanners, PIN pads and distributed credential issuing systems. These products are used worldwide by financial institutions, retailers, hotels, law enforcement agencies and other organizations to provide secure and efficient electronic payment and identification transactions.
Today, MagTek continues to innovate with the development of a new generation of security centric products secured by MagneSafe™. By leveraging strong encryption, secure tokenization, real time authentication and dynamic payment card data, MagneSafe products enable users to assess and validate the trustworthiness of credentials used for online identification, payment processing, and other high-value electronic transactions.
MagTek is based in Seal Beach, California and has sales offices throughout the United States, Europe, and Asia, with independent distributors in over 40 countries. For more information, please visit www.magtek.com.