Canada-based fintech Nuvei has announced the launch of a network tokenisation solution for its payment platform, aiming to provide more secure transactions for partners. As per the information detailed in the press release, Nuvei enhanced its payment platform by introducing an additional network tokenisation solution that is set to enable partners to benefit from more efficient and secure transactions in their online checkouts.

By leveraging tokens issued directly by card schemes and banks, Nuvei’s solution aims to improve overall transaction visibility and decrease false declines. In addition, the improvement in the authorisation process directly contributes to a simplified payment experience, being shown to increase card payment conversion rates by as much as 2.1%. Nuvei’s network tokenisation solution capabilities The network tokenisation solution also provides a suite of features that are set to enhance the checkout experience, advancing the capabilities and efficiency of online transactions.

Some of the main features of Nuvei’s solution include: User-friendly first-time payments, with the solution providing rapid processing of transactions initiated by new customers, with the following transactions being processed using the same pre-existing secure token. Additionally, the solution optimises when the token is created, either during or after the transaction, to reduce payment friction; Automatic updates for tokens with the embedded updater feature that transitions a customer’s token information to a new card in the event of changes. This is set to prevent any service disruptions and declined transactions; Technology that supports a proprietary system to ensure continuous service, with the solution instantly switching processing strategies if a token issue arises.

Furthermore, these features are already being introduced worldwide, with Nuvei aiming to assist partners in optimising card payment acceptance. The company also plans to provide a tokenisation-as-a-service solution via universal tokens applicable across multiple acquirers shortly. Through its technology and approach to supporting tokenisation, Nuvei intends to improve card payments beyond meeting card scheme requirements to prioritise payment security and allow convenient PCI DSS compliance.

The newly launched solution, integrated into the company’s full-stack payments platform, focuses on increasing card-not-present (CNP) payments security via comprehensive protection against data exposure and the threat of fraud normally associated with these types of payments. By switching sensitive card details with a unique and secure identifier, tokenisation delivers considerable security advantages over traditional encryption methods. According to Nuvei’s officials, simplified transactions and conversion rates represent the foundation for supporting ecommerce revenue growth. Nuvei’s approach to network tokenisation intends to optimise card payment security and the protection of consumers’ financial data, while also extending the capabilities of transaction success.

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