Rambus, the digital security, semiconductor and IP products and services company, announced Tuesday (July 24) that Coles, the Australian retail group, has selected the Rambus Unified Payment Platform to securely power its Digital Payment Solutions.
In a press release, Rambus said its Unified Payment Platform provides customers and retailers with an easy-to-use omnichannel payments service. The platform is able to digitize payments, gift cards, loyalty card, coupons and receipts, and bring them all into one application that can be downloaded by customers and used via mobile devices. Rambus noted that omnichannel commerce enables retailers to meld the internet presence with in-store shopping. The merchants can also offer in-aisle checkout with multiple forms of payment accepted. The platform consolidates the payment data into one transaction that can be made in the store or online.
“We are looking forward to working with Coles to build their new digital payments solution in a very exciting time of change for the payments industry. We believe that our experience in providing card, mobile and account-based solutions for banks, financial institutions and retailers alike will allow us to bring the future of payments to Coles’ customers today through a trusted experience that is fun and easy,” said Jerome Nadel, SVP and CMO Rambus, in the press release.
In May, Rambus announced it was launching its Payment Account Tokenization solution to combat fraud in direct credit, direct debit and peer-to-peer (P2P) payments. Central banks and clearing houses will be able to replace account numbers with unique tokens to safeguard sensitive information, Rambus explained, adding that the solution can enhance security for ACH and real-time payments.
“Tokenization has already been proven successful in securing mobile payments worldwide,” said Rambus SVP and General Manager of the firm’s Security Division Bret Sewell in a statement. “Our Payment Account Tokenization does the same for real-time payments, enabling account-based transactions to be processed faster and safer than ever before.”