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Litle & Co

  

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Company: Litle & Co, Lowell, MA
Entry Submitted by : Perkett PR
Company Description: Litle & Co. is a leading provider of payment management services for businesses that sell directly to consumers through multichannel and internet retail, direct response marketing (TV, radio and telephone), and online services. Litle & Co. is one of a few companies dedicated to serving the payment management needs of direct sellers in cardless environments.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: IVR or Web Service Solution – New

Nomination Title: Litle Vault: Protecting Customers by Protecting Their Customers' Card Data

    Tell the story about this nominated product or service (up to 500 words). Describe its function, features, benefits, and sales to date. You may include hyperlinks to product photos and data sheets. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

Best practice approaches in business-to-business customer service should include
those where the design, goal and benefit is focused equally, if not more, on our
customer’s customer. The Litle Vault is a web-driven, platform-integrated
tokenization solution that enables card-not-present (CNP) merchants to safely
remove sensitive cardholder data from their systems without disrupting existing
card transaction-based process.  The service is delivered directly to our
customers, and their customers, through the Litle payment processing platform.

Tokens replace credit card numbers for all payment transactions including
authorizations, deposits and chargebacks.  Litle Vault is unique in that it is
one of ONLY two integrated tokenization solutions on the market.  Litle Vault
removes data security encumbrances put on the merchant so they can focus on
selling, while shifting most of the data management burden to us (the only place
our customers’ customers’ card data exists is on our offsite server specializing
in handling payment data).

Industry statistics suggest that there were more than 900 data breaches
involving more than 900 million records in 2009 alone, yet the majority of
merchants still keep customers’ credit card numbers on file.

Although the Payment Card Industry (PCI) standards for data security are still
evolving as they relate to Data Loss Protection (DLP) technologies, Litle & Co.
developed a forward-looking solution that protects consumer data. Litle & Co.
believes that tokenization is the next step in enabling safe removal of
sensitive cardholder data from merchant systems and will continue to proactively
address vulnerabilities in the payment chain of card transactions ahead of other
vendors in order to protect merchants and ultimately consumers at large.

The Vault makes electronic commerce more efficient, safe and profitable by:

• Reducing the scope of PCI Compliance – Whenever sensitive cardholder data is
replaced with a token and used in association with operational areas such as
acceptance of online payments, cardholder data storage and chargeback
processing, it significantly reduces the scope of PCI audits and associated
costs – often as much as 60% in select instances.

• Minimizing the risk from potential data breaches – Data breaches do and will
happen. However, with the Vault, hackers cannot steal what merchants don’t have
– customer’s credit card information. In the event tokens are compromised,
"cyberthieves" will quickly find that the tokens are completely worthless to them.

• Centralizing credit card security, which reduces data exposure – Once
registered, a single token can be used by anyone in an organization, mitigating
the time-consuming and often costly process of having to encrypt, decrypt and
re-encrypt each time someone touches a customer’s credit card.

• Eliminating insurance costs – Tokenization is a preventive measure that
minimizes the cost of a data breach risk. It also potentially enables a merchant
to eliminate certain onerous insurance premiums that can often run hundreds of
thousands of dollars. With tokenization, a component of the Errors and Omissions
(E&O) Liability Insurance premium cost, typically $0.60 per card annually, can
be eliminated.

Introduction of Litle Vault in the second and third quarter of 2010 included
internal cross-disciplinary training for our all customer and prospect-facing
associates, as well as a webinar series focused on educating merchants
(businesses) about tokenization. 

    List hyperlinks to any online news stories, press releases, product reviews, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

Litle Vault Press Release

Newly-Available Litle Vault Provides Integrated Payment Tokenization Platform to
Protect Customer Data, Reduce Scope of PCI Compliance

http://www.businesswire.com/news/home/20100921005792/en/Newly-Available-Litle-Vault-Integrated-Payment-Tokenization-Platform

LOWELL, Mass., September 21, 2010—Litle & Co., a leading payment processor and
consultative merchant services provider for direct-to-consumer commerce, today
announced the availability of Litle Vault, one of the first integrated
tokenization solutions that enables card-not-present (CNP) merchants to safely
remove sensitive cardholder data from their systems without disrupting the
integrity of their existing credit card transaction-based processes.  Read More…

News Coverage

Litle rolls out payment tokenization platform
(The Paypers)

http://www.thepaypers.com/news/default/litle-rolls-out-payment-tokenization-platform/742052-0

General Information Documents (customers, prospects, general audience)

Is Tokenization Right for Me?  (free downloadable consideration checklist
available at Litle.com)

http://www.litle.com/what-we-do/processing-services/resources/pdf/Litle_Vault_Value_Checklist_1110.pdf

Product Data Sheet  (free downloadable background sheet available at Litle.com)
http://www.litle.com/what-we-do/processing-services/what-we-do/pdf/Litle_Tokenization.pdf

Internet Retailer news story, Time for Tokens?: 
http://www.internetretailer.com/2011/01/01/time-tokens

Recorded-broadcast of our Litle Vault webinar, Reduce Your Risk By Removing the
Card: 
http://vimeo.com/18447617

 

Customer Testimonials (included in press release)

"In an age where everyone wants to ensure the security of their data, Litle’s
tokenization technology allows CSN to continue  the protection it provides to
its customers, while making it even easier for repeat customers to shop with
us,” said Nicholas Malone, Chief Financial Officer, CSN Stores
(http://www.csnstores.com; Twitter @CSNStores). “The Litle Vault provides our
partners, customers and vendors with additional comfort that CSN is fully
committed to and focused entirely on protecting our customers’ information.”

“Having previously incorporated Litle & Co.’s XML spec into our proprietary
order management system, the implementation of the Litle Vault was easy and
invisible to our high-touch customer service organization,” said Kyle Straveler,
Systems Analyst, 4imprint, Inc. (http://www.4imprint.com; Twitter @4imprint).
“The card format-preserving nature of the Litle tokenization process is very
intuitive within our OMS, and as customers have become more comfortable using
cards online, Litle Vault allows us to spend more time on proprietary
development work with this added layer of security built right in to our
processing platform.”

Industry Analyst Perspective (included in press release)

“Tokenization of payment card data has quickly become a must-have for e-commerce
and direct-response merchants whose web presence exposes them to a great deal of
breach risk and who are seeking to reduce their PCI scope,” said David Fish,
Senior Analyst at Mercator Advisory Group, the leading research and consulting
firm focused on the payments industry.  “Litle & Co. has earned the reputation
of a trusted partner in the card-not-present space, where their expertise in
dealing with transaction data security in card processing environments has
coalesced in this latest offering, Litle Vault."

    Provide a brief (up to 100 words) biography about the leader(s) of the team that developed this nominated product or service:

Karen Coffey is Direct of Relationship Management for Litle & Co.  She leads the
Litle & Co. merchant services team and is the principal liaison into Product
Management’s development of forward-looking, technology-driven product solutions
that protect our merchants businesses and their relationships with their consumers.

Bala Janakiraman is Director of Product Management for Litle & Co.  He leads the
product development teams responsible for anticipating and interpreting customer
need for technology-driven product solutions that make their provision of
payments services to consumers more protected and profitable.

Osman Perksoy is a Principal Product Manager for Litle & Co.   He is the product
manager for Litle Vault responsible for managing relationships with clients in
the development of products and testing (beta) as well as internal relationships
with Engineering, Merchant Services and Marketing for the design, testing,
implementation and marketing of the Litle Vault offering.