Industry Collaboration on DDA Payment Tokens: A Safer Data Sharing and Payments Ecosystem

Every day, consumers are turning to financial apps to manage their accounts and balances. While this is a valuable service, it means consumers are allowing their DDA account information to be stored all over the place – at data access providers, third-party processors and fintech apps. So, without really thinking about it, consumers are giving the bad guys countless opportunities to steal DDA numbers and commit fraud. This wide distribution of DDA account information also makes it much more complex to combat fraud. Fortunately, there is a solution. Tokens used in lieu of real payment accounts can seamlessly operate within existing payment systems and are an effective means of adding security and controls to mitigate this risk, while supporting data sharing and innovation. It’s a win-win for the good guys.