Shift4 surpasses 5 billion successful tokenized transactions

shift4

5 billions transactions

Shift4 Corporation has announced the successful processing of the 5 billionth tokenized transaction through their independent payment gateway, DOLLARS ON THE NET.

“Scholars say it takes 10,000 repetitions to become a master of something,” said Shift4 CTO J.D. Oder, the man who introduced tokenization to the payments industry in 2005. “After 5 billion successful iterations, we’re not sure what to call ourselves — but our tech staff is leaning towards ‘Jedi.'”

Since introducing the technology, Shift4 has spent most of the last decade fighting the doubters of TrueTokenization.

“Many organizations have introduced weaker, encryption-based payment security solutions and slapped the label ‘tokenization’ on them to try and capitalize on the success we’ve seen with our TrueTokenization,” Oder said. “We call these tokenization-in-name-only, or TINO solutions, and we do our best to keep merchants from falling victim to them.”

Fortunately, it appears the Payments Card Industry Security Standards Council (PCI SSC) is finally taking steps to remedy the issues caused by TINO solutions. In their proposed new Tokenization Standard — slated to take effect in the fall — the PCI Council twice declares that tokens with a one-to-one relationship with the original PAN may present risks to merchants. Therefore, merchants using these weak solutions will no longer qualify for PCI scope reductions.

It only took us 5 billion successful examples to prove to PCI that what we introduced nearly a decade ago was the best way to do tokenization. And it may turn out to be the only tokenization method secure enough to merit a PCI scope reduction for merchants who use it,” Oder said.

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