Tokenization Management software for payments allows issuers and payment processors to perform the role of a Token Service Provider: entities that are responsible for the generation, storage, de-tokenization and lifecycle management of dynamic PAN/ tokens within a transaction as defined by EMVCo.
Tokenization Management is used by card issuers to manage payment tokens, digital wallet providers to deliver tokens to support NFC
payments, and merchants to replace card on-file storage of PANs.
Such a solution offers the APIs, token vault, token provisioning and lifecycle management functionality required to:
- Operate, maintain and manage a token vault
- Generate and issue ‘surrogate’ PANs
- Offer de-tokenization services for transaction authorizing and clearing
- Secure access to data and functions
- Secure provisioning
EMV payment tokenization
replaces the need for merchants or digital wallet operators to store personal account numbers (PANs). Personal account numbers are protected by replacing them with a unique alternate or dynamic PAN. These tokens can only be used temporarily at a
designated channel or merchant; card data obtained from data breaches are therefore useless. It also provides increased control by facilitating card-not-present payments and removing confidential consumer credit card data from the network.
What is Payment Tokenization?