Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Rambus Bell ID Simplifies Tokenization Management for Banks

Published On :

Single platform allows banks to integrate with multiple payment schemes quickly and easily, while enabling schemes to on-board banks rapidly

In response to the increasing complexity and fragmentation of the near field communication (NFC) mobile payments ecosystem, Rambus Bell ID – part of the Rambus Security Division – has launched Token Gateway. Issuing banks can now manage tokenization activity for the ‘OEM Pay’ mobile wallets through a single software platform. This significantly simplifies and consolidates integration with the multiple token service providers (TSPs) operated by third-parties, like international and domestic payment schemes.

Managing tokenization is complex and time consuming

“Managing the expanding tokenization infrastructure is a significant challenge for issuers,” comments Dr. Martin Scott, senior vice president and general manager of the Rambus Security Division. “As mobile payments roll out worldwide, banks are looking to give customers access to this technology by supporting a range of mobile wallet platforms. To do this, issuers need to connect to a number of the payment schemes’ own tokenization services, each with individual requirements, specifications and interfaces. As well, specifications are updated regularly so banks are required to constantly maintain their systems to stay connected to the schemes; this takes time, investment and knowledge. With this solution, we have simplified the process.” 

chart

Simplifying tokenization management

With the Rambus Bell ID Token Gateway, banks can bypass integration challenges utilizing one platform. The solution eases connectivity to the schemes’ tokenization services so issuers can centrally support and manage the ‘OEM Pay’ wallets for all their account holders. Rambus Bell ID ensures that Token Gateway is aligned with the latest requirements from the credit and debit schemes, ensuring banks are always up-to-date. Existing token service providers can also use the platform to offer gateway services to their bank clients, enabling a bank to interface with other token service providers.

“Short-term, banks’ integration projects and the schemes’ on-boarding processes just got quicker and simpler. Long-term, banks will not need to coordinate the update process, making the lifecycle management of the OEM Pays easier and cheaper,” explains Dr. Scott. 

A modular approach to tokenization

To accommodate the needs of individual banks, the software solution is modular so it can be tailored to specific needs. In addition to a lifecycle management module, which is fundamental to the platform, banks can add a card asset module that allows the personalization and branding of digital cards. Additionally, a token vault mirror can be added to maintain a log of tokenized data in-house, allowing banks to check a transaction without having to contact the relevant scheme TSP. 

A complete mobile payments solution

The Rambus Bell ID Token Gateway solution is currently available and is part of the broad suite of solutions for issuing banks, processors and payment schemes to support mobile NFC payments. Fully compliant with the latest mobile payment security standards, Rambus Bell ID supports cloud-based solutions using host card emulation (HCE), EMVCo tokenization, and trusted services management (TSM) for SIM-based projects and for ‘OEM Pay’ solutions that use an embedded secure element.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts