Visa participated in the development of a cross-industry standard which provides a globally consistent approach to payment tokens. Elements of the standard include token creation and de-tokenization, new data fields in authorization, clearing and settlement, and token identification and verification services.
In April, Visa published mandatory changes by June 2014 (as outlined in April 2014 Technical Letter).
All U.S. VisaNet endpoints must be capable of recognizing and processing payment token-related data; a critical step in migration to payment token processing.
Visa Payment Token Service
Visa has developed a token service which is expected to be available to issuers in late 2014.
The service will also help issuers manage the life cycle of payment tokens, as well as detokenize a Visa-created token when necessary. It can also support issuance of multiple tokens for a single account, each tied to a specific mobile device or service. The Visa token service is expected to be commercially available in late 2014.
The service will align with the requirements outlined in the EMVCo specification.