The effect of emerging payments, tokenization, mobile wallets, fraud, millennial spending, social media, the cloud and machine learning at credit unions took center stage at the CSCU 2017 Annual Conference.
"The landscape of the payment industry is changing rapidly," Jenny Lewis, senior director, product development, tokenization services at the Jacksonville, Fla.-based FIS.
She said when an account is provisioned and replaced with a token, members connect that token to payment. Token provisioning entails consumers enrolling their credit card account with a digital payment service provider (such as an online retailer or mobile wallet) by providing their primary account number, security code and other account information.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
