Product: Enterprise Tokenization
Company: Total System Services Inc.
Rising to the next level in tokenization, Total System Services Inc. (TSYS) introduced Enterprise Tokenization, a service that secures payment card information for transactions across digital wallet, mobile and online channels. According to TSYS, the new offering fits into its Connected Mobility agenda, which includes application programming interfaces and consumer-facing applications that support payments, communications and commerce enterprise wide.
"TSYS is at the forefront of this digital revolution in commerce," said Paul Bridgewater, Group Executive of Global Product at TSYS. "Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the center of payments, our solution delivers on this promise." To simplify the process, TSYS Enterprise Tokenization offers plug-and-play integration.
Operating on the same principle as other tokenization products, TSYS' solution substitutes a card's Primary Account Number (PAN) with a token. The token acts as a substitute value for the actual PAN while the data is in transit and at rest inside card issuer and retail systems. "The true PAN value associated with the token can be identified at any time with the right decryption keys," TSYS stated. "This preserves the length and format as the original PAN."
Additional benefits of Enterprise Tokenization include:
According to TSYS, with this service consumers are able to register a payment card with a mobile wallet or online store. When a purchase is made, the system replaces the card number with a payment token that is assigned to a particular merchant or wallet provider. The system is suitable for merchants with card-on-file models, where near field communication and chip, quick response or bar code technologies apply.
Enterprise Tokenization is reportedly compliant with all applicable card brand and industry best practice mandates for securing and processing payments using tokens initiated via consumer-controlled devices.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next