A token is a reference object that consists of numeric or alphanumeric data that is returned to an application that replaces banking account data that is sent from the application for the purpose of originating an ACH transaction. Managed Payment Facilitation The application could be an external software application that is integrated for payments processing and developed by an organization that has a processing relationship with a third party processor (TPP), or it could be an application developed by the TPP itself, e.g., a virtual terminal.