Payments

Fifth Third Bank partners with Unbound Security to tokenize credit card data

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July 21, 2021

Fifth Third Bank has partnered with Unbound Security, a cryptographic key management solutions provider, to deploy the Unbound CORE solution to tokenize credit card and other personally identifiable information as the bank migrates its data to the cloud. The bank selected Unbound to ensure end-to-end security of its sensitive data, according to a press release.

Fifth Third Bank deployed CORE on Amazon Web Services and two data centers. The service uses multi-party computation to split encryption keys into shares and keep them apart. This eliminates the issue of a single point of failure leading to a breach, according to the release.

"Securing sensitive data is absolutely critical for cloud adoption, specifically in the financial sector. When we embarked on our cloud migration, we knew it had to be one of our top priorities," Philip Schneider, director of security engineering at Fifth Third Bank, said in the release. "The local container tokenization product that Unbound is creating has huge potential to safely post services forward into untrusted zones, in trusted ways."