Burlington, Mass. - November 23, 2010 – Veracode, Inc., provider of the world’s leading cloud-based application risk management services platform, today announced that On-Line Strategies (OLS), a transaction processing solutions provider, has earned VERAFIED™ security marks for its mission-critical payments software applications. Third-party security verification is especially important for OLS as it works to alleviate the industry’s reliance on traditional, legacy-based approaches to payments processing. The marks are a software quality “seal of approval” and a clear indicator to its partners and customers that the company’s innovative online and web-based solutions have met or exceeded industry standards for security, reliability and compliance.
OLS submitted OLS.Switch, a transaction processing engine, and OLS.Host, a managed services payment processing solution, to Veracode for third-party analysis that could be completed quickly with minimal risk and cost. After rigorous testing, OLS applications earned the VERAFIED security marks, indicating to customers that independent automated and manual testing did not detect any known, dangerous vulnerabilities. Further, the VERAFIED mark demonstrates that OLS has taken appropriate steps to remove vulnerabilities in its software to achieve compliance with industry standards including PCI and Payment Application Data Security Standards (PA-DSS). As a result, OLS.Switch and OLS.Host have been added to the VERAFIED Software Directory.
“The payments transaction industry has long been dominated by legacy systems that often carry tremendous risk since they’ve rarely been through the rigors associated with today’s new business processes. To help solidify our innovative approach to this market, it was important to us, and to our customers, that we independently verify the security of our online and web-based applications,” explained Terry Richards, founder and CEO, OLS. “By earning the VERAFIED security marks, we’ve proven to the market that our payment and adjudication systems have achieved a high level of security and minimized compliance risk for users.”
VERAFIED marks are achieved through an independent assessment performed with Veracode’s patented cloud-based automated and complemented by manual penetration testing by Veracode or its partners to identify flaws in business logic and design. Following the remediation of any vulnerabilities of severity medium or higher, as defined by FIRST’s CVSS vulnerability scoring system, the application is then resubmitted to Veracode for complete security regression testing and verification. Given the ad hoc approach to security testing adopted by most organizations today, this consistent and repeatable framework and process enables OLS to differentiate applications that are VERAFIED and display the mark of independent verification.
Since 1996,On-Line Strategies (www.olsdallas.com) has been serving the financial services, retail and healthcare industries with mission-critical payment and adjudication systems, strategic and technical business process consultation and production support services. Many of North America’s most demanding online and web-based processing environments depend on OLS for open architecture solutions and legacy application alternatives that offer proven performance, flexibility and the lowest cost of ownership. Any organization offering non-cash payment alternatives to its customers may benefit from OLS’ capabilities: from banks and financial services providers to chain retailers; from pharmacy chains to gas stations and convenience stores; from check acceptance and guarantee servicers to payroll providers; and more. For more information visit www.olsdallas.com.
Veracode is the world’s leader in cloud-based application risk management. With patented binary code analysis, dynamic Web assessments and developer e-learning, Veracode SecurityReview® is the most accurate and cost-effective way to independently verify application security in both internally developed applications and third-party software without requiring source code or expensive tools. Veracode provides the most simple, complete way to implement security best practices, reduce operational cost and comply with internal security policies or external standards such as OWASP Top 10, CWE/SANS Top 25 and PCI. Veracode works with global organizations across multiple vertical industries including Barclays PLC, California Public Employees’ Retirement System (CalPERS), Computershare and the Federal Aviation Administration (FAA). For more information, visit www.veracode.com, follow on Twitter: @Veracode or read the ZeroDay Labs blog.
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“OLS is a true innovator in transaction processing, providing customers with new, groundbreaking applications that meet their current and future payment processing needs. However, it cannot afford to take any chances with the security quality and reliability of its solutions in an industry where any down time costs millions of dollars and causes harmful reputation damage,” said Matt Moynahan, CEO of Veracode. “Our cost-effective cloud-based application risk management platform offers the least disruptive, least intrusive and most trustworthy independent verification available. The VERAFIED mark clearly demonstrates OLS has received proper testing and achieved a desirable level of security quality.”