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. The solution enhances security and compliance, ensuring that sensitive data such as bank account details or payment information is not directly exposed during transactions.
Key features
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.
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.
Seamless integration:
Easily integrates with existing banking systems and TPPs to facilitate tokenized transactions and data sharing.
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
Tokenization significantly lowers the chances of fraud, especially in online payments, where tokens are used in place of 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