Presented by Envestnet | Yodlee
Account tokens are a highly secure way to retrieve, verify, manage and maintain financial data. In this on-demand webinar, learn how these tokens help payment processors prevent financial fraud, mitigate transactional risks, simplify data sharing and more.
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Returns, breaches, fraud and account takeovers are an increasing issue. When a payment type is compromised – whether cards to non-card payment rails or fiat to non-fiat payment applications – it’s not only expensive for the entire ecosystem, but also disruptive to the consumer experience and business operations. As a result, tokenization has emerged as a form of protection that eliminates much of the hassle when a transaction is compromised.
Jeff Williams, SVP of product development at The Clearing House (TCH) and Ginny Chappell, EVP, product and marketing at Moov Financial joined Lloyd Fernandes, VP of product management at Envestnet | Yodlee to talk about how tokenization is transforming both data security and customer service in the financial services world.
Tokens have been dominant in the card world, but the technology is becoming more prevalent in the banking world, as a way to add a more effective data security layer to banking or bank accounts, especially as more and more accounts are getting distributed to third parties to be used for payments. Encryption only secures data at rest; at some point that has to be decrypted to be used to make a payment and pass through all the hops in the payment flow. And depending on the use case there are several …