TSYS said it has launched its "Enterprise Tokenization solution" to secure payment card information for purchases made online, through mobile devices and "digital wallet" applications.
The Columbus-based company said the technology is a key component of its "Connected Mobility" effort that includes interfaces and consumer-facing applications to support payments, communications and commerce.
Enterprise Tokenization is aimed at supporting the explosive growth in devices, offering a combination of mobility, business applications and commerce, the company said, citing new data from Juniper Research. It said digital payments are expected to rise to $4.7 trillion by 2019 -- nearly doubling the 2014 forecast of $2.5 trillion in digital payments.
TSYS said to truly secure mobile commerce and provide increased protection against unauthorized account use -- including that from data breaches and other forms of fraud -- Tokenization protects card data by substituting a card's primary account number with a virtual token. The token acts as a substitute value for the actual account number while the data is in motion and at rest inside an card issuer's or retailer's systems.
The true account value value associated with the token can be identified at any time with the right decryption keys, the company said. That, in essence, is no different from standard payment card information for transaction processing systems, applications, storage and tools, it said.
"Retailers and consumers alike want to conduct transactions and protect personal data with confidence and security. By putting people at the center of payments, our solution delivers on this promise," Paul Bridgewater, TSYS group executive of Global Product, said in a statement.
Businesses also can use tokenization for on-demand, subscription and recurring transactions, the company said, while the tokens decrease the number of consumers abandoning online shopping carts.
TSYS, headquartered in downtown Columbus, is a global credit-card and payment processor doing business in more than 80 countries around the world.
Kia Motors in West Point gives $10,000 to Chattahoochee Fuller Center
Kia Motors Manufacturing Georgia has contributed $10,000 to the Chattahoochee Fuller Center for the construction of a new home in Lanett, Ala.
This will be the 32nd home to have been built by the Chattahoochee Fuller Center locally and the sixth time Kia has been a sponsor.
"KMMG is so pleased to be involved with a local organization that works to improve the lives of this area's residents," said Randy Jackson, KMMG's senior vice president of human resources and administration. "The 'can do' mindset visible through KMMG's team members each day is certainly something we can see on display through organizations like the Chattahoochee Fuller Center."
Since 2008, Kia Motors has contributed more than $6.4 million to the communities in around West Point, Ga., which is near the Alabama border.
The Chattahoochee Fuller Center is part of the Fuller Center for Housing, a non-profit organization dedicated to eliminating poverty housing worldwide.
The Kia plant, located off Interstate 85, assembles the Sorento crossover utility vehicle and the Optima midsize sedan.
Boys & Girls Clubs installs board members, honors several volunteers
Three Columbus-area businessmen have been installed as board members of the Boys & Girls Clubs of the Chattahoochee Valley.
The new members are Fred Maglione, president of Omega Financial; Matthew Mansfield, senior manager of regulatory compliance at Aflac; and Eric Tikkanen, market president with BB&T.
In addition to installing new board members at its July meeting, the organization recognized "community partners" for their dedication to the organization.
Custom Radio was honored with the Helping Hand Award, having assisted the organization with significant donations to help at special events, including the Women's Giving Circle luncheon and the Annual Upatoi Polo Cup.
The Champion of Youth Award was awarded to Omega Financial for its continual support throughout the year, including in-kind donations of computer servers, adopting a family during the holidays and its information technology department hosting an annual fundraiser for the Boys & Girls Clubs.
Long-standing board members, Wade Burford, president of CB&T of East Alabama, and Bill Reaves, owner of Containers by Reaves, were recognized with the National Service to Youth Award for 30 years of board service to the organization.
Julie Stark also was recognized with the Rookie Board Member Award for contributions during her first year of service. Heath Schondelmayer from CB&T also was awarded the High Performing Board Member Award for his work with the organization.
Two Boys & Girls Clubs employees were acknowledged for their dedication and presented Youth Development Professional of the Year awards. They are senior teen director of the North Club, Tiffany Lipscomb, and Robbin Reed, education specialist at the J. Barnett Woodruff South Club.
The Boys & Girls Clubs of the Chattahoochee Valley is a non-profit, privately funded organization that has been providing services to the youth in the area for more than 75 years.