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Payment Tokenization – Clearing Flow

In the first part of Tokenization articles we covered the basic understanding of tokenization and in the second part we covered the Authorization flow. In this article, we'll dive deeper to understand the clearing flow as part of the transaction lifecycle: The following are the steps : Step 1: Merchant…

What is Payment Tokenization?

Tokenization is basically a substitution technique. Substitution is practiced to isolate data or information in an ecosystem. Payment world adopted tokenization to secure sensitive data like Primary Account Number (PAN) aka card number. It simply takes a PAN and substitute it with a 'token PAN' which is seemingly nonessential 16-digit…