Magensa Launches Tokenization Services
Seal Beach, CA, January 10, 2019 - Magensa, a subsidiary of MagTek, and a leading provider of technology and services to protect sensitive data, authenticate profiles and securely transact, today is announcing the availability of the Magensa Tokenization Services. One of the leading challenges for corporations is keeping information private - be it credit card data (PAN/expiration date), personally identifiable information (PII), protected health information (PHI), or other sensitive data. Magensa Tokenization Services are a vaultless, cloud-based solution that protect sensitive data by replacing it with a cryptographically secure token and an integrity hash.
Magensa Tokenization Services offer outstanding value to clients and integrators. Because the solution is vaultless, there are no storage fees. Cryptographically secure tokens are simply returned to the owner of the sensitive data. Further, our pricing model is based on redemption of tokens to better align costs with client usage and revenue.
"We are in the data privatization business and have had an unblemished track record doing so," said Rod Vesling, Vice President and General Manager at Magensa. "Given the influence of GDPR (General Data Protection Regulation) and the increasing number of data breaches, there is strong interest from organizations and solution providers to implement capabilities that ensure data privacy while enhancing data security and integrity. Altogether, the use of Magensa tokens to secure sensitive data provides excellent economies for our customers."
Magensa Tokenization Services are an excellent choice for protecting credit card information in many payment applications including card on file, tipping, and authorization and capture. If a merchant encrypts cardholder data (PAN/expiration date) when the card is swiped and receives a token back for settlement purposes, a merchant greatly reduces their PCI-DSS scope. Other applications where tokens can play a powerful roll are for CRM purposes - tracking and customizing customer experiences as well as anonymizing sensitive data from larger data sets enabling advanced analytics tools to garner powerful insights. In general, any application where sensitive data is maintained and needs to remain private is an excellent candidate for tokenization.
Magensa Tokenization Services are accessed through the Magensa Payment Protection Gateway (MPPG) or the Magensa Decrypt and Forward service to generate and redeem tokens.
For more information, please contact Magensa at service.solutions@magtek.com or call 562.546.6500 or stop by Booth #4173 at the NRF Convention and Expo 2019, at the Jacob Javits Convention Center, New York City, NY, January 13 - 15.
About Magensa
Magensa LLC is a fraud prevention, detection and advisory service. It maintains a globally accessible registry of authentication information so that consumers, financial institutions, retailers, businesses and governments can assess the validity and trustworthiness of the credentials and products they rely upon in the course of online identification, payment, and other important transactions. Additionally, Magensa provides token management and cryptographic services, vital to the protection of cardholder data, the payment system, and personal or sensitive information. Magensa is a subsidiary of MagTek, Inc.