American technology licensing company Rambus has introduced its Payment Account Tokenisation solution in a bid to address security concerns related to account-based transactions.
The new solution aims to mitigate fraud in direct credit, direct debit and person-to-person (P2P) payments by using unique tokens instead of account numbers.
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The tokenised numbers can be linked, unlinked suspended, or reactivated by banks through life cycle management.
The solution further ensures security by applying certain parameters to limit the use of a token to a specific channel and merchant. Use of the token outside these parameters would be highlighted as fraudulent and would make the token useless.
Rambus Security Division SVP and general manager Bret Sewell said: “Tokenisation has already been proven successful in securing mobile payments worldwide. Our Payment Account Tokenisation does the same for real-time payments, enabling account-based transactions to be processed faster and safer than ever before.”
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