By Peter Egwuatu
As part of efforts to foster a safer, more inclusive payments ecosystem, Interswitch Limited, in collaboration with Providus Bank, is driving the focus on security in the payments ecosystem.
Speaking at the unveiling of the tokenization solution jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, Jonah Adams, Managing Director, Digital Infrastructure and Managed Services, Interswitch Group, explained that the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.
He noted that the tokenization solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought, and posited that it would transform the payment space and merchant acquiring space.
According to him, tokenization as a solution was designed to enable more personalized, speedy, secure and convenient payment interactions.
Tokenization enables consumers’ 16-digit Permanent Account Numbers (PAN) to be replaced with unique identifiers to keep fraudsters from accessing the personal details of end users. Tokenization is at the heart of connected devices and will allow users to carry out financial transactions using their electronic devices or payment cards knowing that such transactions are safe and secure.
Frank Atat, Divisional Head, eBusiness, Providus Bank, stated that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.