SAVYINT's Tokenization
SAVYINT’s Tokenization solution in the open banking provides a secure, efficient way to protect sensitive financial data while enabling seamless transactions and data sharing between banks, third-party providers (TPPs), and customers. With compliance to PCI DSS (Payment Card Industry Data Security Standard), this solution ensures robust security measures, reducing the risk of data breaches and enhancing trust in payment ecosystems.
Key features
Seamless integration:
Easily integrates with existing banking systems and TPPs to facilitate tokenized transactions and data sharing.
Customer privacy
Protects customer data by ensuring that third-party providers never access actual sensitive information.
Multi-use tokenization
Supports payment initiation, account information services, and authentication.
Data security
Replaces sensitive information (account numbers and payment details) with a unique, non-sensitive token.
Only authorized systems can map the token back to the original data, aligning with PCI DSS standards to protect cardholder data during transactions.
Performance and scalability
The tokenization process is optimized for high-speed transactions, real-time payments, and high-frequency financial activities
Scalable to meet the demands of large financial institutions and service providers
Benefits
Reduced attack surface
Since sensitive data is replaced by tokens, attackers cannot gain access to valuable information even if they breach systems storing tokens
Fraud prevention
PCI DSS-compliant tokenization reduces the risk of fraud, particularly in online payments, where tokens stand in for card or account numbers.
Increased trust
Tokenization fosters greater customer trust in Open Banking services, as customers can feel confident that their data is securely managed and not exposed to unnecessary risks