Cloud tokenization and payment optimization provider TokenEx announced today that it has acquired Auric Systems International and its AuricVault® service.
The move helps TokenEx supplement its global growth strategy by increasing its presence in Latin America and Africa. It also will enable TokenEx to receive greater input on its product roadmap from a wider range of customers, specifically those within fintech.
“This acquisition represents an excellent opportunity to cross-pollinate great product sets while helping TokenEx expand its access to new geographies and industries,” said Alex Pezold, TokenEx Founder and CEO. “We’re eager to welcome an impressive portfolio of Auric customers to the TokenEx family, where they can expect the same level of care and focus on delivering a platform that helps their businesses succeed.”
Through their use of the TokenEx platform, customers of Auric will now be able to optimize their payment security strategy via added flexibility and functionality. In addition to offering unmatched PCI scope reduction, TokenEx can help organizations increase the profitability of their payment processing by leveraging value-add technologies such as network tokens, 3-D Secure, account updater, and more.
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“For our clients, data protection and PCI compliance are only the beginning,” said Matthew Meehan, TokenEx President and Chief Operating Officer. “They also want to grow revenue and reduce costs through reliable, scalable technology. So, we’re always looking to provide these valuable services to new customer bases and identify ways in which our platform can evolve to support new use cases.”
Originally designed to reduce PCI scope, the TokenEx platform removes sensitive data from business systems and exchanges it for placeholder tokens. The tokens can be safely stored for internal use and then returned to TokenEx when the original data needs to be forwarded to a third party. This combination of security and flexibility creates the necessary balance to collect sensitive data from—and share it with—any third party.