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Expectations for Tokenisation of Payment Cards and Storage of PANs
The Bank has released a final set of expectations for the Tokenisation of Payment Cards and Storage of Primary Account Numbers (PANs), aimed at improving security, efficiency and competition for online card payments. The key expectations the Bank has set are: All relevant industry participants should support token portability and token synchronisation by the end of June 2025. To link multiple tokens and aid token synchronicity, a unique account identifier, such as the Payment Account Reference (PAR), should be widely shared and used throughout the Australian payments ecosystem. Merchants and payment service providers ... (full story)