TSYS announced yesterday that it released its Enterprise Tokenization solution to secure payment card information for online, mobile, and digital wallet transactions, according to a company release.
TSYS announced yesterday that it released its Enterprise Tokenization solution to secure payment card information for online, mobile, and digital wallet transactions, according to a company release.
The solution is part of TSYS’s Connected Mobility agenda, “which includes API interfaces and consumer-facing applications to support payments, communications and commerce.” It is a plug-and-play solution that will offer “explosive growth” in mobile devices, business apps, and commerce. The TSYS Enterprise Tokenization comes at a time when digital payments are expected to rise from $2.5 trillion in 2014 to $4.7 trillion by 2019, according to Juniper Research.
The way the solution protects card data is by substituting a card’s Primary Account Number (PAN) with a token. This token acts as a substitute value for the actual PAN, while data is in flight and at rest inside an issuer’s or retailer’s systems, said the release. The actual PAN value with the token can be identified at any time with the right decryption keys.
“TSYS is at the forefront of this digital revolution in commerce,” said Paul Bridgewater, group executive of Global Product at TSYS, in the release. “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.”
