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CyberSource adds automated account updating to Enterprise Payment Security

19 October 2009  |  2341 views  |  1 Source: CyberSource

CyberSource Corporation (Nasdaq: CYBS) today announced the incorporation of automated account updating services into its suite of Enterprise Payment Security 2.0 solutions. Customer billing records tokenized in CyberSource's remote secure storage servers can now be automatically updated with new account information (such as bank card expiration data or replacement card number) via the CyberSource Account Updater Service.

With tokenization, when payment transactions are sent to CyberSource for processing, CyberSource, not the merchant, stores the raw payment data in its secure systems and assigns each transaction a string of characters, a "payment token." Payment tokens enable merchants to use transaction information for tasks such as recurring billing, issuing credits, all without exposing the actual data of the transaction. Finally, tokenization does not involve storing or keeping track of monetary values of cards. The form of the tokens and their functions render them useless to hackers or even to merchant employees who might wish to make illegal use of customer data.

"The point of integrating tokenization with account updating is to simultaneously increase the accuracy of customer billing data and decrease the need for employees to handle that data," said Kirsten Fry-Sanchez, Vice President, Product Management. "Customer card information will be kept current and less likely to fail. Payment information remains tokenized, protecting the integrity of transaction data."

This advance builds on CyberSource's growing suite of payment security solutions designed to eliminate payment data exposure in merchant environments per Enterprise Payment Security 2.0 principles. No other payment service provider has integrated account updating services with payment tokenization/remote secure storage solutions.

Comments: (1)

Mark Kusionowicz
Mark Kusionowicz - The Logic Group - Fleet | 22 October, 2009, 13:25

The last sentence is actually incorrect - The Logic Group announced the introduction of such a service in May of this year.

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