Moneybase heightens focus on payment HSMs with new partnership

Calamatta Cuschieri, Malta’s largest independent financial services firm has selected MYHSM, the global provider of Payment Hardware Security Modules (HSMs) as a service provider for Moneybase, a new challenger bank in the region.

The collaboration means MYHSM will provide a fully managed Payment HSM capability to Moneybase, removing the need for the firm to invest in physical HSM hardware, secure facilities and management resources. This ultimately reduces the onus of PCI compliance, audit and support.

Alan Cuschieri, CEO at  Moneybase, commented: “The MYHSM product made a lot of sense for our core banking system, high availability SaaS is one of the vital elements in building a scalable next generation banking system. The Moneybase core systems have been built from the ground up allowing us to choose the very best technology and when it comes to HSM, the MYHSM solution is a clear winner.

Payment HSMs are an integral and mandated component in securing payment processing and card issuing systems. However, deploying them in the traditional own-and-operate way introduces a formidable array of difficulties and demands on capital and operational expenditure which are often prohibitive for FinTech companies like Moneybase.

MYHSM seeks to enable these companies to get to market quickly by removing these barriers in making Payment HSMs available as a cost-effective subscription-based service.

John Cragg, CEO at MYHSM, added: “I am delighted with this success story between MYHSM and Moneybase, which is a real enabler for them in the payments industry. We are partners with Equinix, the global leader in connectivity, as well as with Thales, the global leader in Payment HSMs. 

“These partnerships put us in pole position to meet not only the existing demand for Payment HSM as a Service but also the explosive growth being generated by the rise of new FinTechs like Moneybase and by the dash for the cloud which is happening all around us.”