Today’s mobile payments ecosystem is getting more complex for banks. They need to integrate with an increasing number of third parties to enable mobile payments for their customers. Connections need to be established with credit and debit schemes and OEM Pay wallets, not to mention their own wallets. And implementing the security behind mobile payments is no different.
With tokenization – where account holders’ card numbers are replaced to limit the value of hacking – banks need to interface with different tokenization services to support multiple payment schemes. This can present integration challenges as different messaging interfaces need to be supported for each scheme and specifications need to be constantly updated.