MA-based Virtusa has released vToken, a solution accelerator. The solution was developed for enterprises, issuing banks and issuer processors that are considering providing Token Service Provider (TSP) functionality and building in-house EMVCo based tokenization system.
Tokenization addresses many of the industry concerns around transaction security for mobile payments.
EMV payment tokenization is the process of replacing a primary account number (PAN) with a unique identifier, known as a ‘payment token.’ This allows a consumer to register a payment card with a mobile wallet or online store and replace the actual card number with a payment token number used for that merchant or wallet provider. This ‘pseudo’ PAN or payment token is what is sent from a customer mobile device to the POS which then sends to the issuer for transaction authorization. Currently, TSP services are being provided by the payment networks.
Virtusa’s vToken solution is a comprehensive solution accelerator that addresses onboarding issuers and token requestors, token issuance, provisioning, de-tokenization, security, lifecycle management, participant simulators and a working demonstration. Solution benefits include:
• Security that incorporates hooks into the framework for various security needs
• A strong architecture, agile design and extensive integration patterns to support a variety of backend systems
• It is agnostic to types of token requestors, issuers and payment networks. The architecture ensures that specific requirements of a component can be easily added on top of the generic base
Virtusa has more than 12 years of expertise serving top banking and financial services clients and it has proven experience in delivering tokenization and digital payment solutions.
For data, background and forecasts on tokenization: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).