In an announcement made on September 12th, Rambus said that its Token Gateway for e-commerce solutions is one of the first to be qualified under the “Visa Ready” for tokenization program. According to the announcement, the certified solution will enable token requesters like online merchants, and payment service providers and acquires globally to quickly and securely connect to the via Token Service or tokenize card-on-file e-commerce transaction.
Tokenization has widely been held as a great additional security feature as it removes sensitive information such as cardholder account details making the data moving from the customer to the merchant not valuable to a fraudster listening in on the transaction. When speaking about tokenization as a whole 451 Research Director, Jordan McKee stated, “The pace of digital change in financial services and retail is accelerating. We are witnessing a profound shift in consumers’ shopping preferences and habits, marked by a growing demand for omni-channel buying experiences. This is driving more transactions into digital channels and fraudsters are following the volume, eager to exploit vulnerabilities. Removing sensitive credentials from the transaction flow with a token is a critical defense that serves to safeguard consumers and revenues. Such steps ultimately improve the digital shopping experience and bring benefits to the entire ecosystem.”
When taking a look at the Rambis Token Gateway, there are a few key benefits for merchants and consumers such as:
- Customer convenience and confidence – Consumers no longer need to update card details following a card reissue, reducing frustration. Knowing that card details are not shared with merchants may also increase trust and the number of consumers willing to shop online safely and securely.
- Quick time to market – Merchants who integrate with Visa Token Service through Rambus do not need to wait for individual certification approval and can launch a token-on-file initiative more quickly.
- Reduced PCI compliancy – As merchants replace vulnerable cardholder payment data with secure tokens, their payment card industry (PCI) compliancy requirements may be reduced.
- Cost savings – The Rambus Token Gateway assures that merchants are constantly aligned with the latest Visa Token Service tokenization specifications, eliminating the need for manual integration work.
- Single interface – The Rambus Token Gateway provides a single interface to connect with all contracted token service providers, supporting a variety of messaging interfaces.
As more transactions continue to move online security for not just the consumer but all parties involved in the payments value chain is going to be a top priority. Not taking security measures such as tokenization has the potential to lead to a loss of consumers personal information which can lead to more substantial losses through lost consumer trust and poor overall customer experience.
