PARTNER NEWS: Rambus has unveiled Payment Account Tokenization, a new solution that increases the security of direct credit, direct debit and person-to-person (P2P) payments services by replacing account numbers with unique tokens.
“The introduction of real-time payments increases risk for financial institutions, as they now have seconds instead of days to identify fraudulent transactions,” Rambus says. “By removing account numbers from the transaction process completely, tokenization can significantly reduce the risk and impact of account-based fraud and create secure real-time payments frameworks.”
“Tokenization has already been proven successful in securing mobile payments worldwide,” Bret Sewell, SVP and general manager of Rambus’ security division, explains. “Our Payment Account Tokenization does the same for real-time payments, enabling account-based transactions to be processed faster and safer than ever before.”
Rambus makes real-time payments safer with Payment Account Tokenization
Secures account-to-account transactions by removing sensitive information from the transaction process
SUNNYVALE, Calif. – May 9, 2018 – Rambus Inc. (NASDAQ: RMBS) today announced the launch of its Payment Account Tokenization solution to secure account-based transactions, such as automated clearing house (ACH) and real-time payments. The solution 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 (P2P) payments.
Reduce account fraud through tokenization
Payment Account Tokenization secures card payments by replacing the valuable account credentials with a cryptographic token. This process significantly reduces the risk and impact of account-based fraud as the foundation of a safe and secure instant payments framework. When implemented by a centralized body, like a central bank, Payment Account Tokenization reduces fraud and enables key use cases like P2P, direct credit, and push payments in real-time.
“Tokenization has already