What exactly is a PAN or a network token?

Definitions:

• A PAN (Personal Account Number) is a bank card number (formerly embossed or printed on the back of the card).
• A network token is a unique identifier that replaces the PAN in the payment system.

When a buyer wishes to register their bank card on a merchant’s website, a request is automatically sent to the network (Visa, Mastercard, CB) so that it can provide us with the token associated with the card, as well as the token’s expiry date. It is this token that is stored on Lyra’s secure servers, and which will be used for subsequent authorisations (one-click or recurring payments).

Why such a complex process?

Network tokenisation enables:

• Limiting the exposure of a user’s sensitive card details.
• Automatically updating the card associated with the network token following a card renewal.