The global payments industry is shifting away from card-based transactions to transactions of different digital forms. As a result, Visa is opening its services to provide a safe, simple, and consistent purchasing experience, regardless of the payment channel, to its card-issuing banks and financial institutions. Visa Digital Solutions includes the components for the “Visa Token Services” (VTS), a core set of services derived from the “EMV Payment Tokenization Specfications Framework.” These services enable issuers the ability to link and replace their cardholder’s PAN with a pseudo–Digital Account Number, or Token. This pseudo-token value can be used in place of the PAN to initiate transactions using popular digital wallet solutions (e.g., ApplePay, GooglePay, etc.) installed on a smart device (phone, tablet, etc.) by way of Near-Field-Chip (NFC) proximity technology which interacts with payment terminals and ATMs.
CSFi has partnered with Visa to develop and deploy a fully integrated VTS interface, which installs directly on SWITCHWARE®. This allows SWITCHWARE issuers to manage their digital issuance of token payment credentials and conduct the necessary token/PAN translations that are required to complete a financial transaction.
Financial institutions who wish to have tighter control of Mobile Wallet solutions used by their cardholders and manage the issuance of Digital Account Numbers (or Tokens), can contact their CSFi sales representative to learn more.