Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that it has completed its first tokenized transactions via its Accel(R)debit payments network.
"Fiserv offers one of the first debit payment networks to enabletokenization, which is required for transactions such as those conductedusing Apple Pay(TM)," said Kevin Gregoire, president, Financial InstitutionsGroup, Fiserv. "Apple Pay is just one example of the rapid changes in thepayments landscape, and it is important for Fiserv to equip our clients todeliver the capabilities consumers expect at an accelerated pace. Weanticipate that tokenization will play an increasing role in the debitpayments industry and Accel is well positioned to accommodate furtherdevelopments."
Tokenization replaces the traditional payment card account number (PAN) witha unique string of digital numbers, or token. Because tokens replace PANnumbers, sensitive account information is never shared, thereby providing an additional level of security for debit purchases. For more information onhow tokenization works, please see the blog "Answers to Your Questions aboutTokenization" at http://fisv.co/1ED30ne on Fiserv.com.