Data security company Evervault has announced the launch of its modular payment security platform to provide increased control over the payment stacks of its users. As per the information detailed in the official announcement, Evervault entered the payment landscape by introducing the independent payment security platform, which aims to allow fintechs, banks, and merchants to have complete control over their payment stack, without limiting compliance or safety.

In addition, through this flexibility, Evervault intends to enable companies to accelerate their business growth, geographic advancements, and product development. Evervault’s platform capabilities Leveraging Evervault’s encryption model, the platform integrates tools for securing payment data and specific product extensions, including Network Tokens and Card Insights. Usually, products such as Payments iFrames, 3D Secure, fraud prevention, tokenisation, and processing are grouped with a company’s payment processors.

Evervault ungrouped these elements in a bid to provide customers with modular infrastructure that is not dependent on payment processors, thus working towards increased control over payments with minimal compliance difficulties. Furthermore, the flexibility is set to allow companies to expand their operations globally, as well as digitise them. According to Evervault’s officials, considering the shift in the payment landscape and the sensitivity of card data, the company intended to apply its technology to create a secure, customisable, and independent platform for payments. The company’s solution focuses on equipping fintechs, banks, and merchants with the ability to create more capable and efficient businesses.

By integrating Evervault’s platform, the company’s customers are set to receive increased control over their payment stack which supports them in optimising payment costs, authorisation rates, and user experiences. Additionally, the platform can be leveraged to expedite the security and compliance requirements of introducing a card product, enhancing payment economics, and sharing card data securely. Why did Evervault launch the platform? As a data security company with its operations based in Ireland, Evervault aims to make security and compliance infrastructure a competitive advantage for its clients.

Currently, the company is backed by several investors, including Sequoia, Index Ventures, and Kleiner Perkins. The current announcement is part of Evervault’s commitment to make data security more convenient and efficient, with the move reflecting the company’s ongoing efforts to provide user-friendly, resilient infrastructure that can safeguard sensitive data, whilst expediting business impact. .