Meet evolving data security needs on financial products and programs
Use an Universal VGS Vault to Stay Ahead as a Financial Institution
Stay focused on growth while we protect you and your data
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Financial Institutions
Protect your Customers' Data
- Ensure your customers' sensitive data is secure and not vulnerable to data breaches that could impact both your brand and user retention
Enterprise Security Regardless of Your Architecture
- Ensure your sensitive data is safe and descoped from PCI compliance - regardless of your system architecture - on-prem, co-located, or cloud-based. Additionally, you could support migration of your sensitive data either partially or fully to modern cloud-based systems.
Secure Data Across Products and Types
- Whether you are issuing and activating physical or virtual cards, opening bank accounts, offering a Pay by Bank payment option (and need an account tokenization solution), or equipping your servicing team to support customers, you must have a reliable way to protect your data.
Manage a Larger Payments Ecosystem
- Data-sharing needs increase as you partner with new players such as new fintechs across enablers, PSPs, issuer processors, and personal financial management (PFM) tools. However, they may still need to be PCI-compliant.
Work with A Specialized Vendor for PCI Compliance
As an enabler of FIs, VGS understands your needs to acquire and engage customers on financial products like bank accounts and cards, and do so in the most efficient way. Adding the VGS Vault lets you focus on growth while utilizing your resources effectively to address your PCI compliance needs.
Issued Cards
When you issue cards, the data security needs are varied and complex, and VGS can support them all.
- Verify cardholder information and handle PII data in KYC/KYB processes and credit applications
- Instantly and securely showing PAN data to cardholders in a card reveal feature that showcases innovation
- Protect the sensitive data in settlement and master account files
- Add cards to digital wallets via push provisioning to encourage more use in more places
- Enable staff to service customers without taking on PCI compliance scope by redacting information on screens and in internal messaging systems
- Send global card payouts and disbursements and maximize money movement flexibility by compliantly transmitting payment credentials across the VISA Direct and MasterCard Send platforms, instant payment networks RTP and FedNow, and fintechs like Venmo and PayPal.
Tokenized Account Numbers (TANs)
Tokenized Account Numbers from VGS turn your bank account number (DDA) into a token. You can share a secure, unique, and merchant-specific token instead of sending sensitive information in raw form to customers and third parties to meet data-sharing requirements.
In addition, with the new CFPB regulatory requirements on data-sharing that mandate FI compliance, FIs need a partner that can:
- Support a unique token for bank accounts
- Avoid the risk of third parties accessing your bank account - especially those without sufficient security protocols
- Mitigate fraud liability from third parties using your accounts for any use case: Pay by Bank, fraud checks, personal finance, and more.
How Can VGS Help?
For All Banks: A Reliable Way to Secure Your Data
All data in the PCI-compliant VGS Vault is stored as non-relational tokens. By converting raw data into tokens, we replace sensitive information with aliases and avoid any exposure resulting from a data breach. If a fraudster or hacker tries to steal sensitive data from your systems, they will be met with a token with no monetary value instead of the bank account or card information they sought.
For All Banks: Easily Support New Payment Services
As Pay by Bank gains traction, banks might see a shift in consumer payment options. A centralized data vault will make it easier to stay on top of changing trends, innovate with new payment methods, and layer on new features and services like Personal Financial Management (PFM) while continuing to maximize security and fraud prevention.
For Issuing Banks: Data Access and Ownership
Tokenized data can be operated on in the same way as the raw version. Adding a VGS Vault to your payments technology infrastructure allows you to maintain ownership of your data and leverage it to build programs for higher sales and deeper loyalty without coming into scope for PCI Compliance. These include:
- Consumer-facing use cases like card reveal, customer service / call center support, virtual card activation, and more
- Internal operational improvements like managing master account files and, settlement files (often provided by issuer processors), and more.
Learn More
Financial institutions compete in a crowded space and must be cost-efficient while working on winning business and retaining customers. Access to their data without taking on the costs and effort of PCI compliance is critical to their success.
The universal VGS Vault supports banks' and financial institutions' growth and efficiency objectives by enabling them to derive additional utility from their sensitive data while descoping them from liability.
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