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What to Know About Tokenization

Basis Theory

As a merchant, to understand tokenization for your own benefit, it’s critical to understand: What tokenization is, why it’s important for payments, and how it compares to encryption. Completing audits and other non-value-generating work consumes resources, timelines, and funds.

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Fixing the audit gap in fintech: Why it’s time for a smarter approach

The Payments Association

Fintech is one of the dominant sectors that covers the innovation landscape globally and is evolving the economy to be more digital; yet, some processes in FinTech haven’t caught up with the momentum of transformation, such as audit readiness. One of the core principles of a strong audit trail is integrity.

Audit 88
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Cybertech: Securing the Foundations of Finance

Fintech Review

In the financial sector, it includes fraud detection, threat intelligence, data encryption, biometric verification, and risk monitoring. Cybertech platforms often include compliance dashboards, audit trails, and automated reporting tools. More than just firewalls and antivirus software, modern cybertech is proactive and adaptive.

Finance 59
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The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns. If AI systems are not transparent or auditable, it becomes difficult for regulators to assess whether the systems are operating in a manner that protects consumers privacy.

Privacy 88
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What is a Payment Processing System and How Does It Work?

Stax

Payment gateway – The service that encrypts and securely sends payment details from the customer to the payment processor and back to the merchant. Payment information is encrypted and sent for authorization – The payment gateway encrypts and sends the payment details to the payment processor.

Process 88
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A Complete Guide to Securely Process Credit Cards in Sage 100

EBizCharge

PCI-compliant Sage 100 payment software providers must maintain strict security standards and enforce various measures, such as advanced encryption and tokenization, to safeguard sensitive payment data. By adhering to these standards, businesses can reduce data breach risks and maintain regulatory compliance.

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What is a BIN in Payment Processing

Clearly Payments

New processors must be prepared to demonstrate compliance and may need to undergo regular audits to meet these standards. Testing should also cover security measures, such as encryption and tokenization, to protect cardholder data. However, this is only the start of ongoing responsibilities associated with BIN management.

Process 104