Tokenization

Bluefin cut its teeth developing point-to-point encryption to protect sensitive payment information from being intercepted by thieves during the transaction process, and now it’s adding tokenization protection for the consumer data merchants keep.

Platforms like Ethereum’s IPFS enable immutable document access, so token issuers and purchasers can provide all necessary financial documents, audits and inspections directly to those who own the token.

Visa has agreed to acquire token services and digital ticketing technology from Rambus Inc. in a move the card brand says will expand its tokenization security beyond Visa cards into other networks.

Both are useful, but each has specialties in protecting different types of transaction processes, according to Rambus Payments' Andre Stoorvogel.

Vetting transactions has become complicated as merchants try to juggle user experience and risk. Tokenization can remove some of that complexity, argues Andre Stoorvogel, a director at Rambus.

State Street, BNY Mellon, UBS and Credit Suisse are among the banks that have created a company to bring their idea of a utility settlement coin to life.

Payment network tokenization should sound appealing to every online retailer because it relieves friction and releases them from much of their risk, liability and compliance burden. The trick is achieving scale from both a technical and business agreement perspective, writes Ammar Faheem, vice president of digital payment solutions for North America at Gemalto, a Thales company.

Visa's tokenization began as a way to shield digital commerce and has developed into a major catalyst for Visa in landing partnerships.

Norwegian digital payments provider MeaWallet is offering a new payment tokenization solution that delivers Mastercard, Visa and American Express tokenization services through a single connection.

As bankers' skepticism about blockchain deepens, crypto firms should demonstrate how the technology can help financial companies, such as by extending access to the underbanked, says Hinkes, a prominent advocate of blockchain.