Account-based Payment Solutions
Real-time payments (RTP) and direct debit (ACH) payments – where transactions are made using account credentials rather than payment cards – are seeing increasing levels of fraud. Payment Account Tokenization leverages a proven process used to secure mobile payments to replace the valuable account credentials with non-sensitive, restricted use tokens.
Diagram for Enabling Mobile Payments for NFC devices
This process can significantly reduce the risk and impact of account-based fraud to support the development of a safe and secure instant payments framework. The ability to tailor the security level of tokenization itself – by adding domain controls or cryptograms – are also key security measures as tokens used outside of their pre-defined parameters are automatically declined.