A March 2016 study, titled “What’s in Your Mobile Wallet?”, by Javelin Research reported that the proximity payments market is projected to reach $54 billion by 2019 and that early mobile-wallet entrants will be poised to secure valuable interchange. This spring, ICBA Bancard announced that it was working with FIS to provide free tokenization technology for community bank clients. The program will offer tokenization enablement for the Apple®, Samsung® and Android® mobile payment apps for banks that take advantage of this offer between now and Dec. 31, 2017.
So You’re Ready to Get Enabled, but How Do You Get Started? FIS has developed an electronic enrollment process via DocuSign that will efficiently marshal your documents to an implementation team, speeding enablement. (Refer to GEN 048 – ICBA Tokenization Enrollment - dated 07/29/16 for the communication which contains the DocuSign links).
The DocuSign links will direct you to the documents you will need to sign to enable the following combination of brands:
- Visa Only
- MasterCard Only
- Visa and MasterCard
After successfully completing these agreements you will receive a “Welcome” email from the FIS Implementation Team informing you of next steps and requesting necessary enrollment materials such as 1) Card art images 2) Tokenization set up form and 3) Network-specific agreements.
After successfully submitting and completing the requested materials, tokenization enablement will begin.
What Else? Both Visa and MasterCard have negotiated terms and agreements with Apple, Samsung and Android. FIS nor ICBA Bancard are parties to these agreements and have been instructed by Visa and MasterCard not to attempt interpreting them.
FIS has been hosting periodic webinars on the tokenization enablement process. Previously recorded webinars can be found at: https://attendee.gotowebinar.com/recording/6765508726903545092