Tokenization is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token. … These tokens can then been passed through the internet or the various wireless networks needed to process the payment without actual bank details being exposed.
What is the Role of a Token Service Provider? The TSP is an entity within the payments ecosystem that is able to provide registered token requestors – for example the merchants holding the card credentials – with ‘surrogate’ PAN values, otherwise known as payment tokens.
Security token service. … Within that claims-based identity framework, a secure token service is responsible for issuing, validating, renewing and cancelling security tokens. The tokens issued by security token services can then be used to identify the holder of the token to services that adhere to the WS-Trust standard.
The Visa Token Service (VTS), a new security technology from Visa, replaces sensitive account information, such as the 16-digit primary account number, with a unique digital identifier called a token. The token allows payments to be processed without exposing actual account details.