eBay Declares Support For 'Open, Collaborative Approach To Tokenization'
As a leader in financial technology and payments, Barrese said that it is important to keep up with industry changes and help protect consumers wherever they shop and pay. The executive noted that progress on tools like tokenization, and new authentication methods are promising, but these initiatives must be combined with risk analytics and management to help prevent, detect and respond to threats.
"Today, we're pleased to announce PayPal's commitment to an open, collaborative approach to tokenization," Barrese wrote.
The executive added, "As proof of our commitment to support the worldwide interoperability standards being established around tokenization we recently joined EMVCo, the global body that manages specifications and testing processes for payment card standards, as a business and technical associate."
Barrese also wrote: "It is our responsibility to foster and lead industry collaboration that results in a true open tokenization solution that allows all payment methods (e.g., Private Label Credit Cards and loyalty points), and powers any innovative commerce experience."
Barrese concluded by stating that PayPal will offer its support to the White House's efforts to increasing public-private partnerships and cybersecurity information sharing, improving cybersecurity practices and technologies while improving adoption and use of more secure payment technologies.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.