In a press release that banks should pay attention to; CypherCloud describes a product that can tokenize data across multiple platforms. This is in stark contrast to the EMVCo Tokenisation Standard that applies only to card payment networks:
“Regarded as one of the strongest forms of data protection, enterprises worldwide use tokenization in critical security environments and for data residency purposes. The offering, an integral part of the CipherCloud platform, combines strong data protection with natural language search. In addition, CipherCloud becomes the first Cloud Access Security Broker (CASB) to offer multi-cloud tokenization for Salesforce, ServiceNow, Docusign, Marketo, Good Technology and integrations with other applications.
In the context of cloud computing, tokenization allows enterprises to retain the original data on premises while sending the tokenized forms into the cloud. Because the clear text data never leaves the company, tokenization complies with some of the most stringent EU privacy laws, such as in Germany andLuxembourg, that prohibit certain types of sensitive personal information from leaving national boundaries. Tokenization is also often used for PCI compliance and meets Requirement 3 of the PCI Data Security Standard (PCI DSS).”
As described in the Mercator Report “Defining a Strategic Path for Banks Regarding EMV, Tokens, Apple Pay, and Mobile Apps” and shown in Figure 7 within that report and provided below, banks need a tokenization strategy that will manage multiple access channels to private data, including ACH, P2P, bill pay and others: