Fiserv to offer tokenization capabilities via Visa and MasterCard

Fiserv, a provider of financial services technology solutions, has expanded its mobile payments solution portfolio.

Fiserv, a provider of financial services technology solutions, has expanded its mobile payments solution portfolio to include tokenization capabilities via Visa Token Service (VTS) and MasterCard Digital Enablement Service (MDES).

Tokenization provides a secure method for third-party enablement such as mobile wallet, near field communication (NFC), or quick response (QR) codes.

It enhances security for a variety of mobile and online payment types and is required for cards to be used through the newly announced Apple Pay service.

These capabilities will be available to all Fiserv-processed debit and credit issuers.

Fiserv said that it will also enable its Accel debit processing network to support tokenization for its participants.

Kevin Gregoire, president of financial institutions group at Fiserv said: “Fiserv is equipping our clients to meet growing consumer demand for payments from their mobile device, whether they are paying a bill, paying another person or making a purchase.

“Our partnerships with Visa and MasterCard to support tokenization, and our planned support of tokenization through our own Accel network, are part of our overall commitment to bringing secure and simple digital payment solutions to our clients and their customers,” Gregoire added.