The solution is a component of the company’s connected mobility agenda which includes API interfaces and consumer-facing applications to support payments, communications and commerce.
According to a recent report by Juniper Research, digital payments are expected to rise to USD 4.7 trillion by 2019, almost doubling the 2014 forecast of USD 2.5 trillion in digital payments.
Tokenization provides a secure way for merchants, ecommerce websites and operators of mobile wallets to store sensitive payment card data on their networks. Businesses can also use tokenization to facilitate on-demand, subscription or recurring transactions, and tokens decrease shopping cart abandonment rates.
TSYS Enterprise Tokenization protects card data by substituting a card’s Primary Account Number (PAN) with a token. The token acts as a substitute value for the actual PAN, while the data is in flight and at rest inside an issuer’s or retailer’s systems. The true PAN value associated with the token can be identified at any time with the right decryption keys. This preserves 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 supports financial institutions, businesses and governments in more than 80 countries. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions. TSYS’ headquarters are located US, with local offices spread across the Americas, EMEA and Asia-Pacific.
In recent news, Total System Services has inked an agreement to license its PRIME payment transaction processing platform to Philippine-based Metrobank Card Corporation (MCC).
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