Canadian fintech company Nuvei Corporation (TSX:NVEI) today announces the latest enhancements to its payments platform, an advanced network token generation solution that enables its partners to benefit from smoother, more efficient and secure transactions in their electronic funds.
Using tokens issued directly by card programs and banks, Nuvei’s solution improves overall transaction visibility and reduces false charges. This improvement in the authorization process directly contributes to a smoother payment experience.
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 within seconds, with subsequent transactions processed even faster using the same pre-existing secure token. Nuvei’s flexible solution also optimizes when the token is generated, either during or after the transaction, to reduce payment friction.
- Automatic Token Updates: A built-in update feature automatically transfers a customer’s token information to a new card in the event of changes, preventing service interruptions and transaction rejections.
- Intelligent Succession Technology: A proprietary system to ensure uninterrupted service, this solution instantly changes processing strategies if a token issue occurs, keeping transactions smooth and successful.
These features have already been rolled out globally, supporting partners to optimize the acceptance of card payments. A solution for offering “tokenization-as-a-service” via universal tokens that will apply to multiple buyers will be available in the near future.
Nuvei President and CEO Philip Fayer commented on the announcement:
“Seamless transactions and conversion rates are key to unlocking e-commerce revenue growth. Our unique approach to creating network tokens not only optimizes the security of card payments and the protection of consumers’ financial data, but also expands the boundaries of what is possible for successful transactions.”