TSYS Enables Secure Commerce with Tokenization

By Business Wire,  August 12, 2014, 09:28:00 AM EDT


COLUMBUS, Ga.--(BUSINESS WIRE)-- TSYS® (NYSE:TSS) announced today its Enterprise Tokenization solution to secure payment card information for purchases made online, through mobile devices and "digital wallet" applications. The solution is a key component of the company's Connected Mobility agenda which includes API interfaces and consumer-facing applications to support payments, communications and commerce.

TSYS Enterprise TokenizationSM is an easy plug-and-play solution that will support the explosive growth in devices that offer a combination of mobility, business applications and commerce. According to new research released by Juniper Research*, digital payments are expected to rise to $4.7 trillion by 2019 — near doubling the 2014 forecast of $2.5 trillion in digital payments.

To truly secure mobile commerce and provide increased protection against unauthorized account use, including that stemming from data breaches and other forms of fraud, 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 is at the forefront of this digital revolution in commerce," said Paul Bridgewater, group executive of Global Product, TSYS. "Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the center of payments, our solution delivers on this promise."

Tokenization provides a secure way for merchants, e-commerce sites 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.

With payment tokenization, consumers can register a payment card with a mobile wallet or online store that replaces the actual card number with a payment token used for that merchant or wallet vendor. TSYS Enterprise Tokenization aligns with specifications and best practice documents from various industry bodies, as well as applicable Visa, MasterCard and American Express mandates for securing and processing payments using tokens initiated via consumer-controlled devices (such as mobile devices and personal computers). The proliferation of "card-on-file" models, both remote and proximity, has created an industry need to produce and use tokens including: card-on-file at a merchant's cart, digital wallets, QR and Bar codes, NFC and chip.

*Juniper Research, Digital Payments Strategies Online, Mobile & Contactless 2014-2019, published Jun 24, 2014

About TSYS

At TSYS® (NYSE:TSS), we believe payments should revolve around people, not the other way around. We call this belief "People-Centered Payments®." By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend®, A TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.

TSYS' headquarters are located in Columbus, Ga., U.S.A., with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and was named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.

Source: TSYS



This article appears in: News Headlines

Referenced Stocks: TSS


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