Retail Groups Ask for Tokenization in Payment Security Chain Store Age (07/28/14) Berthiaume, Dan Retail groups including the National Retail Federation, the Retail Industry Leaders Association, the National Association of Convenience Stores, and the National Restaurant Association are urging the U.S. payment industry to adopt an open and universal tokenization standard. An open, interoperable platform will...ensure merchants can support the technology across multiple providers and make back-end security processes seamless for the customer experience, the groups say. They also say tokenization will help merchants with age verification identity checks, and storage and transmission of electronic health records and pharmacy prescriptions. The groups joint statement lists guiding principles that tokenization solutions should align with, including an open standards approach via an accredited standards-setting body, the creation of a technology-neutral platform enabling broad participation in the standard from technology stakeholders, and allowing participants to develop proprietary frameworks that operate in compliance with the standard. In addition, the groups call for guarantees the standard works for multiple payment environments, including e-commerce and m-commerce; the governance of intellectual property by the industry standard; and support for the standard by all networks, brands, and payment types.
Posted on: Wed, 30 Jul 2014 21:45:06 +0000