NFC TIMES Exclusive – Some of the largest banks in the U.S. have been pressing Visa to allow them to tokenize their Visa-branded cards for mobile payments through a token service provider set up by their trade group, The Clearing House, which is owned by such major U.S. issuers as JPMorgan Chase, Wells Fargo, Capital One and Bank of America, NFC Times has learned.
A deal, which is expected to be concluded, if it hasn't been already, would make The Clearing House the only third-party token service provider globally that Visa allows to tokenize Visa-branded cards, sources told NFC Times.
As NFC Times has reported, Visa, at present, is locking out third-party token service providers and requiring all or nearly all EMVCo-compliant tokenization of Visa-branded cards to go through its own token service provider, Visa Token Service, or VTS. And it has also set deadlines for banks to stop using non-EMVCo-compliant tokenization, including alternate PANs, for their mobile payments services involving Visa cards.
