Cutting through complexity

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Banks push for tokenization standard to secure credit card payments | Computerworld A group representing 22 of the world's largest banks is pushing for broad adoption in the U.S. of payment card technology called tokenization, citing shortcomings in the planned migration to the Europay MasterCard Visa (EMV) smartcard standard over the next two years. The Clearing House Payments Company (TCH), whose owners include Bank of America, Citibank, Capital One and JP Morgan Chase, is working with member banks to see how tokenization can be applied to online and mobile payment environments to protect against fraud. The effort stems from what the group says is the need to address gaps in the EMV standard involving mobile and online transactions. "EMV has been out there for close to 20 years" and has served its purpose well, said Dave Fortney, senior vice president, product development and management for The Clearing House. While the planned migration has its benefits, EMV is not quite the panacea that many assume it is, Fortney said. Tokenization is not new.

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