(NYSE: TSS) announced today its Enterprise Tokenization solution to secure payment card information for purchases made online, through mobile devices and “digital wallet” applications. The solution is a key component of the company’s Connected Mobility agenda which includes API interfaces and consumer-facing applications to support payments, communications and commerce.
TSYS Enterprise Tokenization
is an easy plug-and-play solution that will support the explosive growth in devices that offer a combination of mobility, business applications and commerce. According to new research released by Juniper Research*, digital payments are expected to rise to $4.7 trillion by 2019 — near doubling the 2014 forecast of $2.5 trillion in digital payments.
To truly secure mobile commerce and provide increased protection against unauthorized account use, including that stemming from data breaches and other forms of fraud, TSYS Enterprise Tokenization protects card data by substituting 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 flight and at rest inside an issuer’s or retailer’s systems. The true PAN value associated with the token can be identified at any time with the right decryption keys. This preserves the length and format as the original PAN, and is no different from standard payment card information for transaction processing systems, applications, storage and tools.
“TSYS is at the forefront of this digital revolution in commerce,” said Paul Bridgewater, group executive of Global Product, 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.”
Tokenization provides a secure way for merchants, e-commerce sites and operators of mobile wallets to store sensitive payment card data on their networks. Businesses can also use tokenization to facilitate on-demand, subscription or recurring transactions and tokens decrease shopping cart abandonment rates.