Business consulting and technology outsourcing company Virtusa of Westborough announced Thursday the availability of a technology security product called vToken.
The product is aimed at enterprises, issuing banks and issuer processors considering providing Token Service Provider (TSP) functionality and building an in-house EMVCo-based tokenization system, the company said in a statement.
EMV payment tokenization replaces a primary account number with a unique identifier, known as a ‘payment token.’ A consumer can than 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” account number or payment token is what is sent from a customer mobile device to the merchant, which then sends to the issuer for transaction authorization.
Currently, TSP services are being provided by the payment networks.
Bob Graham, a senior vice president at Virtusa, said in the statement that once a company decides to become a TSP, it will look for a way to quickly bring tokenization capabilities and services to market. Virtusa’s vToken – which the company terms a “solution accelerator” – will meet that demand by providing a framework out of the gate, he said.
