Elavon announced Wednesday that it is wrapping Protegrity's tokenization technology into its SAFE-T Suite of products.
The payment processor, a unit of US Bancorp, provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. It will use Protegrity's software to move encrypted data back and forth to merchants. The process, Protegrity executives said, will enable those merchants to handle tokens instead of card data and recognize repeat customers at the point of sale. Protegrity has 200 enterprise customers that use its data security solutions for PCI DSS, HIPAA and other data protection mandates.
"When you start delving into this with larger and larger merchants, they want to keep something about that transaction," says Jeffrey Sledge, a director of business development at Protegrity. "Whether it be for recurring billing, or whatever they do with that information. They want to keep track of the customer. And the best way to keep track of that customer is through tokens."
Protegrity's vice president of business development Raul Ortega said that his company's method of tracking tokens shrinks down the server space processors need to store the information. "Our token server doesn't store the credit card data," he says.
