Bluefin partners with Visa Technology for network tokenization

Monday 23 January 2023 09:17 CET | News

US-based payment and data security company Bluefin has announced its partnership with American financial services corporation Visa for network tokenization.

Following this collaboration, Bluefin will provide network tokens across all card brands, while merging with Visa. 

The process of providing the network tokenization will happen through a vaultless tokenization service called ShieldConex. This platform provides data security by protecting ACH account and payment data, Protected Health Information (PHI), and Personally Identifiable Information (PII). The data will be entered by the customer via an iFrame or an API. After this process is over, Bluefin’s payment gateway, PayConex, will take the information and process the network tokens more efficiently and securely. 

Network tokenization is different from traditional payment card tokenization. For traditional payment cards, the tokens are always issued by the merchant’s acquirer or by the payment processor. In the case of network tokenization, the card brand itself issues a token with a unique transaction cryptogram. This allows tokens to be interoperable across payment processors, gateways, and even acquires. 

The service will be available for the customers and partners of Bluefin. According to Bluefin officials, the merchants and traders will be able to experience an improved payment and checkout experience through the flexibility of tokenized cardholder data, included in addition to the network tokenization service.

US-based payment and data security company Bluefin has announced its partnership with American financial services corporation Visa for network tokenization.

Bluefin’s security and development strategy

Bluefin offers its clients encryption and tokenization technologies for payment and data security, providing them with a suite of security services. This includes the ShildConex data security platform for the protection of PII, PHI, and payments data that is entered online, as well as PCI-validated point-to-point encryption (P2PE) for contactless, face-to-face, call centre, mobile and unattended payments.

The company announced in November of 2022 the decision to acquire omnichannel payment solutions provider TECS Payment System. After the deal was finalised, the two corporations served a combined number of 34,000 merchants and traders, and close to 300 partners in 55 countries, expanding their geographical footprint.

Bluefin leveraged the purchase to offer its clients omnichannel payments, as well as smartPOS capabilities. These were integrated through the acquisition into the company’s payments and security suite. Furthermore, TECS users can benefit now from added security solutions, as well as other resources for the products and services provided by the TECS suite. 

A month earlier, Bluefin announced its collaboration with Sunmi, to provide the hardware manufacturer with mobile POS devices.

Through this partnership, Sumni’s smart payment terminal line which includes the P2, P2 PRO, P2 Mini, and P2 SMARTPAD was certified by Bluefin. The SUNMI P series includes versatile products that can be used by customers at a checkout counter, or in a hand and support omnichannel payment services, such as chip & PIN, NFC, contactless, and QR code payments. 

For more information about Bluefin, you can check their detailed profile in our dedicated, industry-specific Company Database. 

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Keywords: partnership, tokenization, Token, digital banking
Categories: Payments & Commerce
Companies: Bluefin, Visa
Countries: United States
This article is part of category

Payments & Commerce




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