Tokenization helps answer the market need for secure, convenient mobile payments that make day-to-day transactions easy and worry-free.
Tokenization is the process of replacing the traditional payment card Primary Account Number (PAN) with a unique numeric digital token in transactions.
Tokens are linked to specific devices and are worthless if stolen, hacked or intercepted
The process happens in the background and helps facilitate a better consumer experience
Tokenization extends security into digital channels, reducing the potential for fraud and removing the inconvenience and cost of lost and stolen cards
Simplify the purchasing experience for consumers by largely eliminating the need to enter and re-enter the account number when purchasing on a mobile device, such as a smartphone. Tokens also help prevent fraud by removing sensitive card account information from the payment process.
Fiserv can help your financial institution offer the security and convenience of tokenized payments. Our complete solution for tokenized payments includes:
Token Service Enrollment Information
Guidance and direction to issuers on fulfilling boarding requirements; publication of Token Service Provider (TSP)-specific documentation outlining required issuer enrollment data and assets, for example, card art, metadata, terms and conditions
Issuer Enrollment, Boarding and Go Live
Entry and submission of issuer-specific solution tokenization configuration parameters and requests to tokenize BINs; assistance with white list testing set up and execution; scheduling and submission of go-live requests, monitoring during the go-live process
Authentication and Digital One-time Passcode
Authentication for token activation, including call center support and a self-service digital one-time passcode process
Provisioning Notification Service
Creation of wallet-specific cardholder provisioning notification letters and emails per digital wallet provider and Card Association requirements
Authorization and Transaction Processing
Enhanced authorization and processing for tokenized transactions
Token Lifecycle Management
Issuer guidance on token lifecycle management activities such as token suspension, reactivation and deletion
Integration of tokenization-related processes and procedures in back office systems and support
Financial Institution Education
Information-sharing via webinars, tokenization community, FAQs and white papers
Consumer marketing assistance for enrolled issuers including email campaigns, website messaging, web banners, brochures, statement inserts, posters and tent cards