To help enterprises, issuers and issuer processors establish their own EMV-based tokenization systems, global business consulting firm Virtusa launched its vToken solution accelerator yesterday (Oct. 22).
The solution is designed to assist those considering acting as their own Token Service Provider (TSP) in order to address the mounting security concerns surrounding securing mobile payments.
"As the mobile payment and mobile wallet landscape continues to evolve, we anticipate multiple tokenization channel requirements, which will require many financial services or merchant companies to consider the benefits of being their own token service providers (TSP),” Bob Graham, SVP of Banking and Financial Services (Strategic Business Development) at Virtusa, said in a press release.
"Once the decision to become a TSP is made, companies will look for solutions that enable them to quickly bring tokenization capabilities and services to market. Virtusa’s vToken solution will meet that market demand by providing a framework out of the gate — companies can take the solution and easily incorporate custom requirements, reducing implementation time by approximately 40 percent or more,” Graham added.
The vToken solution comprises a wide array of services and features related to successfully implementing and managing an EMV payment tokenization system, including: token issuance, security, de-tokenization, provisioning, lifecycle management, participant simulators, onboarding activities and a working demonstration.
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According to Virtusa, vToken will offer integrated security to address various framework needs, the support of many backend systems through agile design and architecture, and the ability for different types of token requestors, issuers and payment networks to build necessary components on top of the generic solution base.
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