Under the terms of the partnership, VirtusaPolaris, a global provider of information technology (IT) consulting and outsourcing services, will both resell Token’s programmable money network to banks and financial service providers and provide Token with systems integration support. The company will also work on developing its own suite of services that leverage Token’s underlying smart tokenisation technology.
Banks use Token’s network to issue and redeem payment authorisations as smart tokens which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each smart token to be uniquely specified according to the transaction it represents.
They can also execute API callouts to external web services, enabling value added services to be integrated in just the same manner. Sensitive card or account data never leaves the bank’s systems, masked or otherwise, vastly reducing the bank’s security vulnerabilities.
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