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1. What are tokenization platforms?

2. What is Tokenization?
Tokenization is the process of replacing sensitive data with unique
identification tokens that retain all essential information about the data without
compromising its security. Tokenization, which seeks to minimize the amount of data a
company needs to keep on hand, has become a popular way for small and medium-sized
businesses to bolster the security of credit card and e-commerce transactions, while they
minimize the cost and complexity of complying with industry standards and government
regulations.

3. How Tokenization Works?
Tokenization replaces sensitive information with equivalent non-sensitive
information. Non-sensitive replacement information is called a token.
Tokens can be created in several ways:
Using a mathematically reversible cryptographic function with a key.
As a result, the token becomes the exposed information, and the sensitive
information that the token represents is securely stored in a centralized server known as a
token vault. The token vault is the only place where original information can be mapped to
its corresponding token.

4. Some tokenization's do not have a vault. Instead of storing sensitive information in
a secure database, vaultless tokens are stored using an algorithm. If the token is reversible,
the original sensitive information is generally not stored in a vault.
Here is a real world example of how tokenization works with a token vault.
A customer provides their payment details at a point-of-sale ( POS ) system or
online payment form.
The details, or data, are replaced by a randomly generated token, which in most
cases is generated by the merchant's payment gateway.
The original sensitive payment information is stored in a token vault at the
merchant's payment gateway. This is the only place where a token can be assigned to the
information it represents.

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