Popular security podcast Risky Business coined a novel description for Haventec’s Sanctum product during its 6 November 2017 show: ‘distributed “crypto magic” credit card storage’.
In an all-Australian edition of the Snake Oilers product pitch show that also featured Kasada, Risky Business asked Haventec CEO Robert Morrish to give elevator pitches for Authenticate and Sanctum.
The host, Patrick Gray, seemed particularly interested in how Sanctum works, describing the private transaction security product as: “really interesting to people in the payment card processing space”.
“Basically [Haventec] has come up with a way to split credit card info into a few pieces so it can be stored in a distributed way,” described Gray. “Part of the info with the user, part with the merchant and part with the processor. It’s a better approach than tokenisation, and will drastically reduce the liability and costs that comes with storing huge amounts of card data on the processor side. Oh, and they’ve solved the chargeback problem on that one too.”