Stanchion to support card digitization, tokenization services on Verto platform
Security requirements, industry mandates and consumer demand for contactless mobile payments have continued to fuel the need for tokenization services. Many card issuers have not embraced the likes of Apple Pay and Google Pay yet, but it is fast becoming a necessity.
Stanchion is now able to address those precise market needs with the official launch of additional libraries on its Verto technology stack.
Verto is Stanchion’s digital payments integration platform, a solution that enables organizations to implement new solutions (like tokenization) while avoiding or minimizing the impact on existing systems, thereby mitigating risk associated with the deployment of new functionality.
With the added tokenization capability, Verto supports financial institutions by enabling them to provide mobile payments through any wallet by acting as an abstraction between card issuers and TSPs.
The focus is on simplifying the deployment of the functionality, removing time-consuming and costly development effort.
Stanchion also uses its extensive domain knowledge and experience to guide customers in best practices, both in selecting the best deployment options and ensuring that the necessary operational processes are in place.
This development effort started in 2019, and multiple active projects in the UAE and APAC regions are now nearing completion. Both the Mastercard Digital Enablement Service (MDES) and Visa Token Service (VTS) options are supported.
“Stanchion’s primary goal has always been to support customers on their respective payment digitization journeys,” said Deon van Biljon, Stanchion’s global product director. “Adding support for tokenization services grows that capability and it is a significant stepping stone for more Verto solutions in future.”