Nuvei Corporation, the Canadian fintech company, announces the latest enhancements to its payment platform, an advanced network tokenization solution that enables its partners to benefit from smoother, more efficient, and more secure transactions in their online checkouts.
Utilizing tokens issued directly by card schemes and banks, Nuvei’s solution enhances overall transaction visibility and reduces false declines. This improvement in the authorization process directly contributes to a smoother payment experience and has been shown to boost card payment conversion rates by as much as 2.1%.1
Nuvei’s network tokenization solution also introduces a suite of advanced features that significantly improve the checkout experience, setting a new standard for efficiency and customer satisfaction in online transactions:
- Frictionless first-time payments: Guaranteed rapid processing of transactions initiated by new customers to within a few seconds, with subsequent transactions processed even faster using the same pre-existing secure token. Nuvei’s flexible solution also optimizes when the token is created, either during or following the transaction, to reduce payment friction.
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- Automatic token updates: An embedded updater feature automatically transitions a customer’s token information to a new card in the event of changes, preventing service disruptions and declined transactions.
- Smart cascading technology: A proprietary system to ensure uninterrupted service, this solution instantly switches processing strategies if a token issue arises, keeping transactions smooth and successful.
These features are already being rolled out globally, supporting partners to optimize card payment acceptance. A solution to offer ‘tokenization-as-a-service’ via universal tokens applicable across multiple acquirers will be available in the near future.
Nuvei’s proprietary technology and distinctive approach to supporting tokenization optimizes card payments beyond meeting card scheme requirements to prioritize payments security, as well as enabling effortless PCI DSS compliance.
This solution, which is seamlessly integrated into its full stack payments platform, boosts card-not-present (CNP) payments security through comprehensive protection against data exposure and the threat of fraudulent transactions typically associated with CNP payments. By replacing sensitive card details, such as the primary account number (PAN), with a unique, secure identifier, tokenization offers significant security advantages over traditional encryption methods. This approach has been proven to decrease fraud rates in the payments industry by up to 26%.
Nuvei Chair and CEO Philip Fayer commented on the announcement: “Seamless transactions and conversion rates are the key to unlocking eCommerce revenue growth. Our unique approach to network tokenization not only optimizes card payments security and the protection of consumers’ financial data, but also extends the boundaries of what is possible for transaction success.”
SOURCE: PRNewswire