TSYS Launches Tokenization Solution for CNP Transactions
Aug. 18, 2014
Payment processor TSYS recently announced the launch of a tokenization solution for online and mobile transactions developed for enterprises. Tokenization—substituting a different value for the primary account number while payment-card data is in transit—has been regarded for some time as a must-have for secure card-not-present transactions and many payment providers before TSYS have developed proprietary solutions. Several groups, including the major card networks , have been working on a technological standard for tokenization, but no agreement has been reached . For the moment, implementing solutions like the one released last week by TSYS remains a best practice for the industry.
“Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security,” said Paul Bridgewater, group executive of Global Product, TSYS. “By putting people at the center of payments, our solution delivers on this promise.”