The Clearing House (TCH) has partnered with Mastercard to provide and manage Mastercard-branded tokens on behalf of banks.
The partnership will allow Mastercard to establish TCH as its certified third-party token service providers to enter the US market.
It will also enable TCH to support current and future token capabilities, including mobile payments to remote purchases and Internet-of-things transactions.
TCH intends to launch card tokenisation solution in the next quarter and will extend tokenisation to other networks, including Real-Time Payments.
TCH product development and strategy executive vice president Dave Fortney said: “The safety and security of payments is paramount to TCH and our owner banks, and was a core rationale for our initial token work stemming back several years.
“We are excited to partner with Mastercard to provide issuer optionality and functionality for token services.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMastercard digital partnerships executive vice president Sherri Haymond said: “In the digital age, where all connected devices are becoming commerce devices, we must make security a core focus.
“Through this partnership, banks that issue Mastercard-branded cards now have the choice to tokenise their customers’ accounts through TCH, providing their customers digital payments options that offer the same safety, security, rights and benefits as accounts tokenised by Mastercard.”