Nuvei, a leader in the fintech space, has officially introduced new enhancements for its payment platform, which is an advanced network tokenization solution that enables its partners to benefit from smoother, more efficient, and more secure transactions during their online checkouts. Talk about the whole development on a slightly deeper level, it begins from frictionless first-time payments where the platform essentially guarantees rapid processing of transactions initiated by new customers, getting these transactions to take no more than a few seconds. On top of that, the platform will process subsequent transactions at an even faster clip, and it will do so using the same pre-existing secure token. Complimenting the same is how it also promises to optimize the token creation process, either during or following the transaction, to reduce payment friction. Next up, we have the prospect of automatic token updates. This involves an embedded updater feature automatically transitioning a customer’s token information to a new card in the event of changes, therefore preventing potential service disruptions and declined transactions. Another detail worth a mention is rooted in a new smart cascading technology, which leverages a proprietary system to instantly switch processing strategies, in case a token issue arises, so to keep transactions smooth and successful.

“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,” said Philip Fayer, Chair and CEO of Nuvei.

These updates, of course, slid right next to Nuvei’s already distinctive approach to supporting tokenization, an approach which goes beyond meeting card scheme requirements to prioritize payments security and facilitate effortless PCI DSS compliance. Integrated into its full stack payments platform, the stated tokenization solution boosts card-not-present (CNP) payments security through comprehensive protection against data exposure and the threat of fraudulent transactions typically associated with CNP payments. You see, by eliminating the need for you to enter sensitive card details like the primary account number (PAN), the solution offers significant security advantages over traditional encryption methods. To give you concrete evidence of the same, thus far, this approach has shown decrease fraud rates in the payments industry by up to 26%. While we are on the topic of concrete evidence, we must also mention that having card schemes and banks directly issuing the given tokens would also enhance overall transaction visibility and reduces false declines, the feature directly achieving an upgrade around card payment conversion rates by as much as 2.1%.

Founded back in 2003, Nuvei has risen up on the back of its modular, flexible, and scalable technology which empowers organizations across different industries to accept next-gen payments, offer all payout options, and benefit from card issuing, banking, risk, and fraud management services. The company’s excellence in what it does can also be understood once you consider, at the moment, it is present in more than 200 markets, with local acquiring in 50 markets. For such a wide footprint, Nuvei fittingly has on the offer over 150 currencies and 680 alternative payment methods.