Visa, a Foster City, California-based multinational financial services corporation, as per recent reports this week, has announced its decision to acquire the token services and ticketing businesses – formerly Bell ID and Ecebs Ltd. – from Rambus, a Sunnyvale, California-based silicon IP cores and chips provider.
With this acquisition, the Foster City-based financial services giant, by combining its network tokenization capabilities with Rambus’ local and account tokenization tech, plans to deliver safer and secure payments across all forms of global commerce.
In its statement, Visa has confirmed that Rambus’ token technology will enable it to further extend the security and convenience of tokenization to all types of transactions beyond Visa cards, which also includes transactions on domestic card networks, account-based and real-time payments systems.
“Facilitating safer, more secure digital transactions is core to Visa’s brand promise and central to growing electronic payments for everyone, everywhere. The addition of Rambus’ technology will allow us to deliver greater security beyond the card to support more transactions, payments systems, and participants,” states TS Anil, SVP, Global Head of Payment Products & Platforms, Visa.
Earlier, in 2014, when Visa announced its Visa Token Service, the company successfully enabled 100 markets for tokenization providing this capability to 90% of Visa’s total payment volume, with over 60 token requestors added to the token platform recently.
The closing of the transaction is subjected to the relevant regulatory approvals and other customary conditions.