The news just broke that Rambus is the first solution provider to offer an off-the-shelf retail token gateway solution with American Express embedded. The idea behind this collaboration is to help merchants enrich and secure e-commerce and m-commerce transactions with tokenization. Rambus Token Gateway is at the heart of this combined work, and will enable global online merchants, payment service providers and acquirers to quickly and securely connect to the American Express Token Service, as well as to tokenize card-on-file e-commerce transactions.
There is a host of advantages for American Express card issuers, acquirers, merchants and consumers. For consumers, there’s less hassle when having to update card details after a card reissue. They’ll know their card details aren’t shared with merchants. This alone increases trust and the number of consumers who are willing to safely and securely shop online.
There’s also the very top concern of fraud being alleviated. With the Rambus Token Gateway, real card account numbers are replaced with tokens that are more secure and may help lower the risk of fraud.
For the merchant, there’s the advantage of quick time to market. Here, merchants reduce the necessity for end-to-end development activities and can launch a token-on-file initiative more quickly. Also, there’s flexibility and cost savings for merchants. They can engage with payment service providers or acquiers of their choice, while benefiting from e-commerce tokenization. Plus, Token Garteway assures they are constantly aligned with the latest card scheme tokenization specifications. This eliminates the need for manual integration work.
Other advantages include PCI compliancy and single interface. Merchants don’t have to store vulnerable data. Their payment card industry (PCI) compliancy requirements are limited. Token Gateway prevides a single interface to cvonnect with all contracted token service providers to support a variety of messaging interfaces.
Robert Tedesco, vice president, Global Consumer Services A/NZ at American Express said: “This new partnership with Rambus will mean merchants can offer our card members even more secure payment methods at the time of checkout. We’ll also to be able to offer merchants access to our digital payment capabilities such as Pay with Points and Smart Offers, to further build customer loyalty with their customers that use American Express cards. We look forward to expanding this relationship in the future to further improve the buying experience.”