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Retail industry rallies behind open standard for tokenization

Jaikumar Vijayan | Aug. 4, 2014
A coalition of retail industry trade groups this week called for the creation of an open tokenization standard for protecting credit and debit card data from theft and misuse.

The Secure Remote Payment Council last week echoed similar sentiments in a position paper it released. The council has "serious concerns" with ongoing developments being put forth by EMVCo and recommends the development of open tokenization standards, the position paper states.

EMVCo has positioned its effort as one that will benefit the entire industry. In comments to Computerworld earlier this year, Christina Hulka, chairwoman of EMVCo's board of managers, said its tokenization specification will provide all stakeholders with a consistent, secure, reliable and interoperable environment for digital payments.

"For consumers, enhanced security can lead to improved confidence in conducting digital payments. For merchants, this will enable them to confidently launch new technologies, knowing that they are building on a common framework that will be scalable to future industry requirements."

EMVCo will build the framework with collective input from all its members and the payment industry as a whole, Hulka had noted.

 

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