Features & Benefits
Tokenization completely removes credit card data from a company’s internal networks and replaces it with a unique, generated placeholder, or “token” — much like emptying a warehouse so that a thief has nothing to steal. Merchants use only the token to retrieve, access, or maintain their customers’ credit card information. Meanwhile, their customers’ real card data is stored at a highly secure, offsite location.
- Payment data stored in secure data centers and exchanged for
- Tokens generated using proprietary algorithms and cannot be mathematically reversed
- Token format fits legacy payment card data fields
- Tokens support all payment actions and checkout models including one-time authorization, capture and settlement, recurring and subscription billing, credit and partial credit, split capture, reauthorization, and standard checkout
- Reduces PCI DSS scope
- Renders payment card data meaningless to hackers
- Reconciles chargebacks and payments without handling payment data
- Works with your current systems and processor/acquirer
At its root, a token is something with low value representing something with high value; just as a casino chip represents cash. In electronic payments, tokenization is being used to reduce security risks inherent in the collection and transfer of highly sensitive data such as credit card Personal Account Numbers (PAN). In the mobile payments world, it is the EMVCo Payment Tokenization Specification that sets the framework for tokenizing contactless payments.
As more payments are made electronically, the market for criminals is expanding and becoming increasingly attractive. In this environment we rely on a handful of ways to secure our financial details. One of the three key security technologies at its center, the 'sacred triple feature' of payouts, can make good guys a step ahead of fraud.
Three technologies EMV, encryption and tokenization. An in-depth review of the Smart Card Alliance reveals that they are working together to ensure the safety of their triple and card payments.