HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, has today announced a new global partnership with Gemalto, the world leader in digital security.
Tokenization is the process by which payment account information is replaced by an alternate value called a token. Issuers, Merchants and Processors who use tokens are able to significantly reduce the risk that sensitive cardholder data may be stolen by data thieves. This is widely regarded as one of the most critical issues to be addressed by the payments industry across the world in the ongoing fight against fraud.
Gemalto and HPS are offering an integrated and modular Tokenization solution to provide payment services providers with the strongest mobile payment platform that is agnostic of the consumer device: it secures payment credentials across HCE-enabled handsets, Secure Elements (embedded and SIM) and Trusted Execution Environment (TEE) or any combination thereof. The solution, available in hosted or on-premise modes, can be used by any card issuer and any card payment scheme.
Philippe Vigand, Deputy Managing Director of HPS Solutions, said “We are very excited about bringing our new tokenization offering to the market. Tokenization is the next big step for the payments industry, and will be essential in the fight against fraudulent payments and hackers. Customers will benefit from the combination of Gemalto’s world leading mobile technology, and HPS’ 20 years of experience in the payments market.
Jean-Claude Deturche, SVP Mobile Financial Services of Gemalto, said “HPS has a proven track record in the payment industry, and a loyal international customer base. With the addition of Gemalto’s Trusted Service Hub, we can now provide a recognized tokenization services across all types of handset security approaches.”