An HSM is intended for encryption and decryption of card numbers and verification of PINs, while a tokenization appliance implements vault functionality and handles key rotation required for PCI compliance. Together an HSM and tokenization appliance can implement functions like tokenization, point-to-point encryption, and processing of PINs and cards. Alternatively, vault software compatible with an HSM or developing your own vault software can provide vault functionality without a separate tokenization appliance.