News from the Wire

New Payments Forum resource examines role of PAR

Wednesday, December 04, 2024 — 14:18:03 (EST)

REDWOOD CITY, Calif., December 4, 2024 – Although Payment Account Reference (PAR) made its debut in 2016, it has been underutilized despite its potential benefits to the broader payments space.

PAR is used to tie multiple tokens and reissued card numbers to one payment account number (PAN), which is especially important given the increased adoption of mobile wallets, tokenization and card-not-present transactions. The U.S. Payments Forum has published a new resource to showcase how PAR can be leveraged to decrease fraud, improve decision-making and securely collate seemingly disparate payment methods.

The white paper, “Role of the Payment Account Reference (PAR) within the Payments Lifecycle,” is available for download on the Forum’s website.

"We created this white paper to show stakeholders that implementing PAR doesn’t have to be a daunting task,” said Devon Rohrer, managing director of the U.S. Payments Forum. “It has a multitude of use cases that are pertinent to business success, including streamlining processes like returns and loyalty tracking, connecting transit authorization requests, thwarting fraud related to promotions and so much more. As digital transactions continue to grow, PAR will be instrumental in helping all industry players meet the demands of the evolving payments landscape."

The white paper takes an in-depth look at how PAR can benefit the full scope of payment ecosystem participants. This includes a list of established specifications on how PAR is supported by each major payment network.

In addition, readers will learn:

What insights PAR provides about a transaction

Whether PAR is assigned to specific transaction types, including card-present, recurring, installment, and card-on-file

How PAR is incorporated into various real-world use cases with detailed examples

The roles and responsibilities of each payment stakeholder in ensuring the successful implementation of PAR

The Forum’s Steering Committee led this project and collaborated with members to develop the resource. Organizations, associations, government agencies and individuals interested in participating in upcoming Forum projects can visit the Secure Technology Alliance’s website to learn how to become a member. By joining the Secure Technology Alliance, members will have access to activities within the U.S. Payments Forum and additional Alliance-affiliated organizations.

About the U.S. Payments Forum   

The U.S. Payments Forum is a cross-industry body that brings stakeholders together on neutral ground to enable efficient, timely and effective implementation of emerging and existing payment technologies. This is achieved through education, guidance and alternative paths to adoption. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on and have a voice in the future of the U.S. payments industry. The organization operates within the  Secure Technology Alliance, an association that encompasses all aspects of secure digital technologies.

About the Secure Technology Alliance   

The Secure Technology Alliance is the digital security industry’s premier association. Through its U.S. Payments Forum, Identity and Access Forum and its collaborative working groups, the Alliance fosters open dialogue among industry stakeholders to explore and develop secure technology innovations in the payments, identity and access markets. By collaborating on education and guidance, the Alliance helps enable efficient, timely and effective implementation of large-scale, disruptive technologies. For more information, please visit www.securetechalliance.org. 

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Source: Company press release.