Tokenization is the process of taking sensitive personal data and replacing it with unique identifiers that retain the original information. A collection of unique identifiers is called a token. Tokens can be used to safely store and transmit data.
A beneficiary is a contractor, worker, supplier or business that is a receiver of funds utilizing Rapyd Disburse.
Beneficiary Tokenization is when the Beneficiary information such as bank account information is turned into a token. This happens through a hosted page you send to the customer. The customer fills out the information, and a token is created.
After signing into your Rapyd Business Account, navigate to Disburse > Beneficiary Tokenization to upload Beneficiary information, or download Beneficiary Tokenization Files. See Save Beneficiary Details for more information.