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Visa Brings Token Security to eCommerce

Visa, Inc. (NYSE:V) has announced that it has integrated token technology into Visa Checkout, the company’s online check out service used by merchants and consumers globally to make safe, easy payments in just a few clicks. Visa made the announcement at the Money2020 conference in Las Vegas.

Visa Token Service is a technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual card account details.

Additionally, Visa is working with merchants to apply token technology to “cards-on-file.” These are customer card account numbers that merchants store in their systems to facilitate repeat payments such as monthly subscriptions or billing services.

Today’s announcement, coupled with the transition to EMV® chip technology, the tokenization of mobile payment services, biometrics, and improvements in fraud detection analytics, are all helping to advance payment security for Visa account holders. By working with merchants to integrate tokens into Visa Checkout and tokenize card-on-file accounts, Visa will be paving the wave for its security technology to extend to virtually every type of consumer payment experience – in-store, on-line and in-app.

“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too.”

Visa Checkout issuers and merchants are supportive of the integration, and expressed interest in working with Visa to make tokens available to their e-commerce customers.

“We’re pleased that Visa has added tokenization to Visa Checkout in an effort to keep the payment details of more Visa cardholders safe with advanced security technology,” said Faisal Masud, executive vice president, global e-commerce, Staples, Inc. “Our customers value mobile solutions that let them conveniently, quickly and securely purchase the products they need to run their business.”

“Our highest priority is the security of our customers’ transactions, whether they are paying online or in a physical store,” said Tom Kunz, senior vice president, PNC Digital, PNC Financial Services Group. “That’s why we are working with Visa to integrate their innovative security technology, Visa Token Service, into Visa Checkout on our site. This technology offers greater security and because it can also be used with EMV chip cards, consumers can benefit from this added security feature whether paying online, in-app or in stores around the world and across the web.”

“We are pleased to work with Visa to integrate token technology into Visa Checkout,” said Michelle Moore, head of digital banking at Bank of America. “Bank of America Visa card customers who use Visa Checkout will enjoy even greater peace of mind since this technology will help prevent unauthorized transactions from occurring should their online card information fall into the wrong hands.”

“Our top priority in all aspects of our customer relationships is security, which is why we are working with Visa to extend its token service to the fast growing eCommerce and mCommerce world,” said Dominic Venturo, chief innovation officer at U.S. Bank. “Using tokens helps ensure that the sensitive information found on plastic cards is never shared or stored.”

Visa Checkout: The Easier Way to Check Out

Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, click a button, and complete the purchase.

Since its launch in 2014, more than seven million users have signed up for Visa Checkout accounts. More than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, Williams-Sonoma and Virgin America.

Visa Checkout is available in 16 countries around the world. These include: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit, and @VisaNews.

Bank of America Introduces Fingerprint and Touch ID Sign-in for Its Mobile Banking App

September 18 – Bank of America has announced a series of improvements to mobile and online banking to better meet customers’ changing needs and make it easier for users to manage their finances digitally. The new updates include the introduction of fingerprint and Touch ID sign-in, in addition to the launch of an Apple Watch mobile banking app, streamlined “Accounts Overview” page and new Security Center for more than 31 million active digital banking customers.


Samsung Announces Launch Dates for Groundbreaking Mobile Payment Service: Samsung Pay

August 18 – Samsung Electronics Co., Ltd., has unveiled that Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly everywhere cards are accepted, will launch in Korea on August 20 and in the U.S. on September 28. Samsung plans to roll out the service in the U.K., Spain and China, with partners to be named in each market.


Federal Reserve Bank of Kansas City President and CEO to Keynote “Faster Payments Imperative: Transforming the Market” on Oct. 6 in Chicago

August 17 – Federal Reserve Bank of Kansas City president and CEO Esther L. George will serve as the opening keynote speaker for the “Faster Payments Imperative: Transforming the Market,” a one-day symposium presented by and NACHA — The Electronic Payments Association®. The event will take place on Tuesday, Oct. 6, at the Hyatt McCormick Place in Chicago.

(more…) Partners With NACHA

August 12 – has partnered with NACHA—The Electronic Payments Association® to present “Faster Payments Imperative: Transforming the Market,” on Tuesday, October 6, at the Hyatt McCormick Place in Chicago.


Survey on Mobile Habits Uncovers New Trend: Spying on Spending of Others

July 17 – Do you spy on the spending of others? Thirteen percent of Americans admit to tracking the spending of their parents, children or their significant other via their mobile banking app, and men are more likely than women to keep a watchful eye (16 percent vs. 11 percent). (more…)

Federal Home Loan Bank of Seattle Names 2015 Affordable Housing Advisory Council Members

December 3 – The Federal Home Loan Bank of Seattle (Seattle Bank) has announced the appointments of Michelle Griffith of Ketchum, Idaho, and Andrea Davis of Missoula, Montana, to the Seattle Bank’s Affordable Housing Advisory Council (Advisory Council). The bank also reappointed Roy Katsuda of Maui, Hawaii, as the Advisory Council representative from Hawaii. Ms. Griffith, Ms. Davis, and Mr. Katsuda will serve three-year terms beginning January 1, 2015, and ending December 31, 2017.


CO-OP Financial Services Announces Agreement on Visa EMV Common Debit Solution

April 16 – CO-OP Financial Services has entered an agreement with Visa Inc. to make the Visa EMV common debit solution available to its credit union clients, offering a streamlined and cost-effective approach to debit EMV adoption.


Bank of the West’s Quick Balance Mobile App Wins Monarch Innovation Award For Most Innovative Product/Feature in Business Banking

April 15 – Bank of the West has announced that its Quick Balance mobile app won the Monarch Innovation Award for Most Innovative 2014 Product/Feature. The award was presented by Barlow Research Associates during a Webcast held earlier today.  The annual award is presented to financial institutions and industry partners in recognition of business to business innovations. 


Urban Trust Bank Forms Banking Partnership With Seminole Work Opportunity Program

April 15 – Urban Trust Bank (UTB) FSB, a federally chartered, full-service community bank serving Orlando and Jacksonville, Fla., has entered into a banking partnership with Seminole Work Opportunity Program (SWOP). SWOP is a private 501(c)(3) organization that provides vocational, educational, and community-based employment training to adults in Seminole County with developmental disabilities by offering local businesses a variety of services including mail fulfillment, hand assembly, light manufacturing and clerical assembly.


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