Rambus Inc. has announced the launch of its Payment Account Tokenization product to secure account-based transactions, such as automated clearing house and real-time payments, according to a press release.
Rambus said the product will enable central banks and clearing houses to replace sensitive account numbers with unique tokens and reduce the impact of fraud for transactions including direct credit, direct debit and person-to-person payments.
“Tokenization has already been proven successful in securing mobile payments worldwide. Our Payment Account Tokenization does the same for real-time payments, enabling account-based transactions to be processed faster and safer than ever before,” Bret Sewell, senior vice president and general manager of the Rambus Security Division, said in the release.
The Payment Account Tokenization products consists of a number of primary features, including:
- Account-based tokenization eliminates the need to store and transmit sensitive account information, alleviating the risk of stolen credentials being used to commit transactional fraud. The system integrates with existing infrastructure and tokens route normally through the payment network.
- Life cycle management enables banks to link, suspend, (re)activate or unlink tokenized bank account numbers.
- Domain controls limit token usage to a specific channel, merchant or spending limit by applying a set of parameters. Any use of the intercepted token outside of its set parameters would immediately flag as fraudulent and render the token useless.
- Cryptogram protection generates application cryptograms prior to a payment and validates them during a transaction. A cryptogram is a fingerprint of the transaction, holding elements of the originator, recipient, financial institution and the transaction.
- A token vault is a secured repository, or database, that establishes and maintains the payment token to Sending/Receiving Account number mapping. The token vault is the only area in which the token can be mapped back to the consumer’s original card details. All token vaults comply with Payment Card Industry (PCI) specifications.