Fiserv Inc., a provider of financial services technology solutions, has announced the completion of its first tokenized transactions via its Accel debit payments network.

"Fiserv offers one of the first debit payment networks to enable tokenization, which is required for transactions such as those conducted using Apple Pay," said Kevin Gregoire, president of the financial institutions group at Fiserv. "Apple Pay is just one example of the rapid changes in the payments landscape, and it is important for Fiserv to equip our clients to deliver the capabilities consumers expect at an accelerated pace. We anticipate that tokenization will play an increasing role in the debit payments industry and Accel is well positioned to accommodate further developments."

Tokenization replaces the traditional payment card account number with a unique string of digital numbers, or token. Because tokens replace PANs, sensitive account information is never shared, thereby providing an additional level of security for debit purchases.