Virtusa Corporation, a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, announced the availability of vToken, a solution accelerator. The solution was developed for enterprises, issuing banks and issuer processors that are considering providing Token Service Provider (TSP) functionality and building in-house EMVCo based tokenization system. Tokenization addresses many of the industry concerns around transaction security for mobile payments.
EMV payment tokenization is the process of replacing a primary account number (PAN) with a unique identifier, known as a ‘payment token.’ This allows a consumer to register a payment card with a mobile wallet or online store and replace the actual card number with a payment token number used for that merchant or wallet provider. This ‘pseudo’ PAN or payment token is what is sent from a customer mobile device to the POS which then sends to the issuer for transaction authorization. Currently, TSP services are being provided by the payment networks.
“As the mobile payment and mobile wallet landscape continues to evolve, we anticipate multiple tokenization channel requirements, which will require many financial services or merchant companies to consider the benefits of being their own token service providers (TSP),” said Bob Graham, senior vice president – Banking and Financial Services (Strategic Business Development) at Virtusa. “Once the decision to become a TSP is made, companies will look for solutions that enable them to quickly bring tokenization capabilities and services to market. Virtusa’s vToken solution will meet that market demand by providing a framework out of the gate – companies can take the solution and easily incorporate custom requirements, reducing implementation time by approximately 40 percent or more.”
Virtusa’s vToken solution is a comprehensive solution accelerator that addresses onboarding issuers and token requestors, token issuance, provisioning, de-tokenization, security, lifecycle management, participant simulators and a working demonstration. Solution benefits include:
- Security that incorporates hooks into the framework for various security needs
- A strong architecture, agile design and extensive integration patterns to support a variety of backend systems
- It is agnostic to types of token requestors, issuers and payment networks. The architecture ensures that specific requirements of a component can be easily added on top of the generic base
Virtusa has more than 12 years of expertise serving top banking and financial services clients and it has proven experience in delivering tokenization and digital payment solutions. To learn more about Virtusa’s tokenization solution and the tokenization landscape, here is a link to a recent Webinar the company hosted: http://www.virtusa.com/webinar/VToken/.
Virtusa’s Banking and Financial Services Group provides end-to-end consulting, and technology and transformation services to the financial services industry worldwide including banks, broker dealers, fund administrators, investment banks, investment managers, credit cards, payment providers and select industry service providers. Virtusa’s banking and financial services customers include 9 of the top global banks, some of the top brokerage firms and several of the largest card and payment providers. The company has received numerous awards and recognitions including the IDC Financial Insights’ Fintech Top 100, American Banker and BAI’s Fintech Forward Top 100 companies and Everest Group PEAK matrix major contender rating as a key global player leveraging unique technology solutions to drive innovation in the banking industry.