Posted September 08, 2018 by FreedomPay

Courtney Kelly’s Insights on: Securing Real-time Payments with Tokenization

With the use of electronic cash on the rise, banks and merchants alike need to take greater security measures to support and protect sensitive payment and account data. Tokenization is the optimal security approach for P2P, in-store and online payments. By replacing sensitive information with a unique token, banks and merchants can secure data in real-time. Implementing the correct technology to tokenize payments allows for multiple use cases via a single system. Creating a “token vault” for a global business can allow for easy, secure transfer of information and a frictionless payment experience. Sensitive data is free to flow throughout an enterprise with a reduced risk of stolen information being used for fraud. With the question of “When will a security attack happen?” looming, protecting both brand name and account holder information with tokenization are more important than ever.