System and method of providing tokenization as a service

A method for tokenizing payment data received from a computer of a consumer, the method comprising:

• receiving, at a merchant service provider computer, order information from a computer of a first entity for a transaction to be fulfilled by a second entity;
• receiving, at the merchant service provider computer, the payment data from the computer of the consumer, the payment data associated with the transaction initiated between the computer of the consumer and the computer of the first entity;
• generating, at the merchant service provider computer, a payment token and payment token access data associated with the payment token, wherein the payment token represents the payment data;
• storing, by the merchant service provider computer, the payment token and the payment token access data;
• transmitting, from the merchant service provider computer, the payment token access data to the first entity;
• receiving, at the merchant service provider computer from a computer of the second entity, a request to complete the transaction initiated between the computer of the consumer and the computer of the first entity, the request including the payment token access data;
• in response to receiving the request:
• retrieving, at the merchant service provider computer, the payment token and the payment data using the payment token access data;
• and
• performing at least one of the following:
• processing, by the merchant service provider computer, the transaction using the payment data;
• or
• transmitting, by the merchant service provider computer, at least one of the payment data or the payment token to the computer of the second entity for processing the transaction.

A system, comprising:

• a merchant service provider computer, including an electronic processor and a memory coupled to the electronic processor, wherein the merchant service provider computer includes:
• a redirection service provider, programmed to receive order information from a computer of a first entity for a transaction to be fulfilled by a second entity, and to receive payment data from a computer of a consumer, the payment data associated with the transaction initiated between the computer of the consumer and the computer of the first entity;
• a tokenization module, configured to generate a payment token and payment token access data associated with the payment token, wherein the payment token represents the payment data, and to store the payment token and the payment token access data in a storage;
• a network interface programmed to transmit the payment token access data to the first entity, and to receive, from a computer of the second entity, a request to complete the transaction initiated between the computer of the consumer and the computer of the first entity, the request including the payment token access data;
• wherein, in response to receiving the request, the merchant service provider computer is programmed to:
• retrieve the payment token and the payment data using the payment token access data;
• and
• perform at least one of the following:
• process the transaction using the payment data;
• or
• transmit at least one of the payment data or the payment token to the computer of the second entity for processing the transaction.