Intro to Processor Token
Reduce the risk of storing financial account information. Request a token that can be used by a processor to retrieve information from MX.
Overview
We’ve provided an example to help you understand how Processor Token works. It includes a description of the roles involved in tokenization and how the API generates tokens that can be exchanged by processors for account-related information.
We've assumed the following participants:
| Persona | Description |
|---|---|
| Client | Financial institutions, fintech companies, or service providers that provide platforms and applications that enable digital financial services for their end users. |
| Processor | Vendors our clients use that provide services that enable their platforms and applications. An example of these services may be payment processing. Processors require access to our data to complete transactions and provide services to our clients. |
The Problem
Because our Clients are offering their end users services powered by MX data, our Clients have to store and manage the data they receive from us. Their interactions with Processors rely on managing and transferring this data.
This process requires our Clients to maintain a complex framework that can support secure data management, which increases security risks and costs while limiting our Clients’ ability to use our services to meet their end users' needs.
The Solution
Using our Processor Token API, our Clients can authorize Processors to access the data they need directly from us by using a token. This reduces the risks our Clients experience when managing the data they pull from us.
Clients can achieve the solution by using the steps below:
| Step | Responsible | Action |
|---|---|---|
| 1. | Client | Aggregate, verify, or do both using the Connect Widget. |
| 2. | Client | Identify a member to retrieve account owner information (optional). |
| 3. | Client | Request an authorization code. |
| 4. | Client | Provide the processor with the authorization code. |
| 5. | Processor | Use the authorization code to request an access token. |
| 6. | Processor | Use the access token to request payment account numbers, account owner information, or transaction history. |
Next steps
To receive and use a processor token, both the Client and the Processor must use this process.
- If you’re our Client and have not received an authorization code, refer to the How-to Guide for Clients.
- If you’re a Processor and have already received an authorization code from one of our Clients, refer to the How to Guide for Processors.