Group Representing Big U.S. Banks Plans to Issue Own Tokens for Cards Carrying Major Brands

NFC TIMES Exclusive Insight – The Clearing House, a group of the largest banks in the U.S., announced its first plans to tokenize cards branded by a major network, as the banks seek to reduce their dependence on tokenization by the major card schemes.

The group, owned by 25 major banks, including such U.S. giants as JPMorgan Chase, Wells Fargo, Citibank, Bank of America and Capital One, announced Thursday it would be ready to tokenize Mastercard-branded cards in the first quarter, enabling the banks to work directly with such mobile wallet providers as Apple, Google and merchants, using their group’s own token service provider. As NFC Times reported in April, The Clearing House also is seeking to tokenize the Visa-branded cards their members issue. 

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HEADLINE NEWS

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