Payments orchestrator Spreedly has announced the launch of a new vault solution in a bid to optimise payment methods. The new offering launched by Spreedly sets out to optimise payment methods by leveraging modern lifecycle features, network tokenization, and management.

As a result of its new configurations, it can optimise how one’s payment methods are stored, refreshed, and used. The latest solution was created based on Spreedly’s PCI-compliant vault. Consequently, the new product enables users to increase acceptance rates, lower costs, and cater to the needs of cardholders.

By leveraging technologies that can oversee and manage payment methods, those using the new solution will be able to: limit payments for unnecessary account modifications curtail duplicate payment methods improve data quality streamline best practices in vault management lessen transaction decline rates As per the press release, the new offering has three main benefits. Firstly, the vault offers payment method lifecycle optimisation. In other words, the card details are kept updated and evergreen via the use of AU services and network tokenisation.

Moreover, the product features rules and tailored configurations that cater to the needs of all organisations. As a result of actively managing payments, costs and stale entries are eliminated. Finally, the new vault solution includes an enrichment of payment details such as fraud integration, BIN, and Payment Account Reference among others.

Other partnerships secured by Spreedly Payment orchestration allows businesses to opt for a flexible approach to payments by lowering costs and increasing functionality. By connecting multiple payment service providers, banks, and acquirers on a single software layer, merchants can expand their businesses easier and elevate their offerings. As experts have argued, the payments orchestration market is expected to grow, with the mention that the clear shift is towards enhancing user experience and leveraging new technologies.

As a payments orchestration platform, Spreedly facilitates digital transactions and provides a diverse ecosystem of services. Earlier in 2023, the company garnered attention after it announced an expansion of the payment methods that it offered with integrations to PayPal Credit, PayPal Pay Later, ACH payments, and Venmo. Additionally, the platform also integrated Mastercard Click to Pay to support a smooth checkout process for Cinepolis customers.

In the latter part of 2022, amid its continuous growth, Spreedly expanded the support offerings for its customers and released new support tiers for its clients. For more information about Spreedly, please check out their detailed profile in our dedicated, industry-specific Company Database. .