The solution will enable central banks and clearing houses to replace sensitive account numbers with unique tokens and reduce the impact of fraud for transactions including direct credit, direct debit and person-to-person (P2P) payments. Tokenization secures card payments by replacing the valuable account credentials with a cryptographic token. This process reduces impact of account-based fraud as the foundation of a secure instant payments framework.
The introduction of real-time payments increases risk for financial institutions, as they now have seconds instead of days to identify fraudulent transactions. According to the company’s official press release, by removing account numbers from the transaction process completely, tokenization can reduce the risk and impact of account-based fraud and create secure real-time payments frameworks.
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