Virtusa, a business consulting and IT outsourcing company, has launched vToken, a tokenization solution accelerator for providing secure mobile payments.
EMV payment tokenization is the process of replacing a primary account number (PAN) with a unique identifier, known as a ‘payment token.’
Go deeper with GlobalData
The newly launched solution is ideal for enterprises, issuing banks and issuer processors that are considering providing Token Service Provider (TSP) functionality and building in-house EMVCo based tokenization system.
Virtusa said that its 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.
Virtusa senior vice president for banking and financial services Bob Graham said: "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).
"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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"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."
