Managing account data, faster and safer
Direct debit (ACH) account payments contribute to a large majority of the total non-cash payments value worldwide. The credentials associated with these accounts are stored in many different locations (including invoices, payrolls, ecommerce sites, mobile wallets and apps), making them potentially vulnerable for hacking. As more countries move to faster (or instant) account-to-account payments, the timeframe for detecting fraud is drastically decreasing, virtually illuminating the ability for financial institution to implement manual checks on the validity of payments.
Rambus Payment Account Tokenization secures account-based payments by replacing the valuable account credentials with a cryptographic token. This process significantly reduces the risk and provided the foundation of a safe and secure instant payments framework. When implemented by a centralized body, like a central bank, Payment Account Tokenization reduces fraud while supporting a seamless integration for multiple use cases including push transactions between businesses, consumers and government.