Total System Services Inc. is offering a tokenization service to secure payment card information for merchants accepting online, mobile or digital wallet payments.
TSYS Enterprise Tokenization will substitute a payment card's primary account number with a token that will act as a substitute value while the data is in transit or at rest in an issuer's or retailer's system, the Columbus, Ga.-based payment processor stated in an Aug. 12 press release.
"Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security," Paul Bridgewater, group executive of global product at TSYS, said in the release. "By putting people at the center of payments, our solution delivers on this promise."
When a merchant or bank offers tokenization, consumers can register a payment card with a mobile wallet or online store to generate a payment token for that specific merchant or wallet vendor, TSYS said.
The concept of tokenization as an extra security layer has gained momentum in recent months, in light of a growing number of high-profile data breaches that have put payment card information at risk.
The Clearing House, which establishes payments systems for the financial industry, is working with EMVCo, the card-brand owned EMV standards governing body, to work on tokenization for use in e-commerce.
Meanwhile, the Accredited Standards Committee X9 Inc. has been working on tokenization standards for data stored in a merchant or financial institution network.
TSYS said its enterprise tokenization offering is aligned with specifications and best-practice documents from these various industry bodies. It also follows Visa, MasterCard and American Express mandates for securing and processing payments using tokens initiated through consumer-controlled devices.