Secures account-to-account transactions by removing sensitive
information from the transaction process
SUNNYVALE, Calif.--(BUSINESS WIRE)--
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.
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Rambus Payment Account Tokenization: How it Works (Graphic: Business Wire)
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 been proven successful in securing mobile
payments worldwide. Our Payment Account Tokenization does the same for
real-time payments, enabling account-based transactions to be processed
faster and safer than ever before,” said Bret Sewell, SVP and general
manager of the Rambus Security Division.
451 Research principal analyst, Jordan McKee notes, “Digital has paved
the way for fast and easy payment experiences, prompting a rise in
account-based transactions. Fraudsters have made note of this trend and
are increasing their focus on account credentials given their growing
disbursement across many locations, including e-commerce websites,
mobile and P2P wallets, invoices and payroll. To protect customers and
thwart fraudulent attacks, businesses must implement security tactics
that serve to eliminate the use of sensitive credentials in the
transaction flow.”
Managing account data, faster and safer
The introduction of real-time payments increases risk for financial
institutions, as they now have seconds instead of days to identify
fraudulent transactions. 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.
Key features of Rambus Payment Account Tokenization
The Payment Account Tokenization solution consists of a number of
primary features, including:
-
Account-based tokenization eliminates the need to store and
transmit sensitive account information, alleviating the risk of stolen
credentials being used to commit transactional fraud. The system
integrates with existing infrastructure and tokens route normally
through the payment network.
-
Life cycle management enables banks to link, suspend,
(re)activate or unlink tokenized bank account numbers.
-
Domain controls limit token usage to a specific channel,
merchant or spending limit by applying a set of parameters. Any use of
the intercepted token outside of its set parameters would immediately
flag as fraudulent and render the token useless.
-
Cryptogram protection generates application cryptograms prior
to a payment and validates them during a transaction. A cryptogram is
a fingerprint of the transaction, holding elements of the originator,
recipient, financial institution and the transaction.
-
A token vault is a secured repository, or database, that
establishes and maintains the payment token to Sending/Receiving
Account number mapping. The token vault is the only area in which the
token can be mapped back to the consumer’s original card details. All
token vaults comply with Payment Card Industry (PCI) specifications.
For more information on the Rambus Payment Account Tokenization
solution, visit rambus.com/security/payments/payment-account-tokenization/.
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About Rambus Security Division
Rambus Security is dedicated to providing a secure foundation for a
connected world. Our innovative solutions span areas including tamper
resistance, network security, mobile payment, smart ticketing
and trusted transaction services. Rambus foundational technologies
protect nearly nine billion licensed products annually, providing secure
access to data and creating an economy of digital trust between our
customers and their customer base. Additional information is available
at rambus.com/security.
About Rambus Inc.
Dedicated to making data faster and safer, Rambus creates innovative
hardware, software and services that drive technology advancements from
the data center to the mobile edge. Our architecture licenses, IP cores,
chips, software, and services span memory and interfaces, security, and
emerging technologies to positively impact the modern world. We
collaborate with the industry, partnering with leading chip and system
designers, foundries, and service providers. Integrated into tens of
billions of devices and systems, our products power and secure diverse
applications, including Big Data, Internet of Things (IoT) security,
mobile payments, and smart ticketing. For more information, visit rambus.com.
Source: Rambus Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180509005399/en/
Source: Rambus Inc.