Visa will expand enhanced security benefits of tokenization beyond Visa cards to any type of transaction, including domestic card networks, account-based and real-time payments systems
Visa today announced it has signed a definitive agreement to acquire the token services and ticketing businesses, formerly Bell ID and Ecebs LTD, from Rambus (NASDAQ: RMBS), a premier silicon IP and chip provider dedicated to delivering data faster and safer. „The combination of Visa’s network tokenization capabilities with the local and account tokenization technology of Rambus will facilitate safer, more secure payments across all forms of global commerce.”, according to the press release.
Visa is one of the industry leaders in tokenization technology which replaces sensitive payment information with a unique identifier, or “token”, to make digital payments safer.
„Today, Visa offers these capabilities through Visa Token Service for card-based payments on the Visa network. Rambus’ token technology will enable Visa to extend the security and convenience of tokenization to all types of transactions beyond Visa cards, including those on domestic card networks, account-based and real-time payments systems.”, the company said.
“Facilitating safer, more secure digital transactions is core to Visa’s brand promise and central to growing electronic payments for everyone, everywhere. As the way people and businesses pay and get paid continues to evolve, the addition of Rambus’ technology will allow us to deliver greater security beyond the card to support more transactions, payments systems and participants,” said TS Anil, SVP, global head of payment products and platforms, Visa. “Going forward, we will apply these expanded capabilities, expertise and scale to help further all forms of global commerce.”
Tokenization has been one of the most effective ways of reducing fraud and securing card payments at the point-of-sale, online and for stored card credentials. Following the launch of Visa Token Service in 2014, Visa has made significant progress building and scaling tokenization for card-based payments – Visa has enabled 100 markets for tokenization providing this capability to 90 percent of Visa’s total payment volume, with more than 60 global token requestors recently added to the token platform.
Beyond tokenization, Rambus’ digital ticketing portfolio and expertise in transit complement Visa’s commitment to delivering global transit and mobility solutions to public transit operators, technology partners and cities around the world. Visa has nearly 250 transit projects underway around the world.
The transaction is subject to relevant regulatory approvals and other customary closing conditions.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
