US based IT software provider Akamai Technologies has teamed up with payment management provider CyberSource to launch a tokenized electronic payment security service.
Integrating its cloud-based technology with tokenization solutions from CyberSource, Akamai’s Edge Tokenization solution converts credit card data to a token prior to web transactions landing on a merchant’s infrastructure. This helps merchants reduce information theft, compliance risk and costs.
“We’ve always maintained merchants shouldn’t seek to secure payment data, but instead, eliminate contact with it,” said Michael Walsh, president and chief executive officer, CyberSource,
“Akamai’s Edge Tokenization automatically combines the concept of hosted payment acceptance and payment tokenization with cloud-based web infrastructure, making it easy for online merchants to meet compliance requirements with less cost, complexity and time.”
Edge Tokenization enables consumer credit card data to be identified and replaced with an anonymous token, which along with the true card number, is stored in a secure data vault managed by the tokenization provider.
Akamai’s focus on next-generation, cloud security has produced the industry’s first offering that automatically incorporates these technologies as a part of a merchant’s web infrastructure, making it easier for merchants to adopt and maintain an Enterprise Payment Security 2.0 strategy.
“Meeting stringent PCI compliance standards often takes repeated efforts, significant investment, and regular maintenance, translating into high costs and significant IT resources,” said Tom Leighton, chief scientist and co-founder, Akamai.
“We developed Edge Tokenization as a cost efficient solution for web retailers to complete transactions in the cloud securely and at scale, without sacrificing performance.”