TSYS is offering its Enterprise Tokenization solution to secure payment card information for purchases executed online using mobile devices and digital wallet applications.
Designed as a plug-and-play solution, the TSYS Enterprise Tokenization offers a secure way for merchants, e-commerce sites and operators of mobile wallets to store sensitive payment card data on their networks.
In addition, the merchants can also use tokenization to facilitate on-demand, subscription or recurring transactions, and tokens decrease shopping cart abandonment rates.
TSYS says that the solution protects card data by substituting a card’s Primary Account Number (PAN) with a token to secure mobile commerce and offer increased protection against unauthorized account use, including data breaches and other forms of frauds.
The token works as a replacement value for the actual PAN, while the data is in flight and at rest inside an issuer’s or retailer’s systems.
Using the right decryption keys, the true PAN value associated with the token can be identified at any time. This secures 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 global product group executive Paul Bridgewater said: "TSYS is at the forefront of this digital revolution in commerce.
"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."
Consumers using the payment tokenization will be able to register a payment card with a mobile wallet or online store that replaces the actual card number with a payment token used for that merchant or wallet vendor.