American Express has initiated aquiet launch of TouchID, a notable step for tokenization in the business andcommercial card market as noted on Bank Innovation.. The enhanced security capabilitywas included in the company’s iOS app upgrade on Tuesday. This follows AMEX’s announcement in Novemberthat American Express Token Service would be rolled out globally in early2015. According toan AMEX press release, the move comes on the heels of EMVCo’s Payment Tokenization Specification and Technical Frameworkearlier this year.
While this would appear to relatively early move for a leader in themarket, there is still quite a bit of movement that we expect to see insecurity for commercial cards and commercial payments broadly. The commercial payments space is undertakinga number of risk related initiatives, many of which are quiet at thispoint. This is a topic that will not goaway. We expect to hear much morediscussion from providers to the business market around security offerings inthe coming year. Not only around cardcapabilities like tokenization but across the entire commercial paymentslandscape.
Overview by Rick Hall, Director, Commercial and Enterprise Payments at Mercator Advisory Group
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