The Bank has released a final set of expectations for the Tokenization of Payment Cards and Storage of Primary Account Numbers (PANs), aimed at improving security, efficiency and competition for online card payments. The key expectations the Bank has set are:
- All relevant industry participants should support token portability and token synchronization by the end of June 2025.
- Merchants and payment service providers that do not meet minimum security requirements relating to the storage of sensitive debit, credit and charge card information must not store customers’ PANs after the end of June 2025.
- The rollout of the eftpos core eCommerce tokenization service is to be completed by the end of March 2024.
AusPayNet has agreed to coordinate the industry’s work to meet the Bank’s expectations and draft more specific tokenization standards if required. http://tinyurl.com/yc8fh74t
Source: IBP