TokenEx Advances Card Lifecycle Management to Enable Strategic Payment Processing
Friday, October 27, 2023
Strategic approach enhances security, PCI compliance and revenue; TokenEx enables proactive card-on-file updates, optimizes BIN lookups, and maximizes authorization rates
TULSA, Okla., Oct. 19, 2023 /PRNewswire/ -- TokenEx, the leading independent cloud tokenization provider, today announced multiple updates to the TokenEx Universal Tokenization Platform, which streamlines card lifecycle management to increase merchant security, PCI compliance, and revenue. The newest features, Account Updater, BIN Lookup, and Network Tokens, enable merchants to realize the strategic benefits of payment processing.
According to Gartner ®, digital commerce payment technologies should, "Treat payments as strategic, and create opportunities to increase revenue and profit by managing the payment experience and increasing acceptance rates.( 1)"
According to the Merchant Risk Council (MRC), 2023 Global Ecommerce Payments And Fraud Report merchants are now using an average of 3.9 payment processors. Managing these disparate payment systems introduces complexity that hinders growth and creates compliance challenges. TokenEx Universal Tokens eliminate the dependency of managing multiple tokens from multiple payment providers and they desensitize payment card information to prevent primary account number (PAN) exposure during internal analysis or in the case of a data breach, which can reduce the scope of PCI compliance by 90 percent.
"Using TokenEx gives businesses an opportunity to increase revenue, open new markets quickly, grow their businesses, have better market share, control their payment processing, and partner with a safe technology company that covers all the different security standards," said Fernando Flores, IT Director, VIVRI.
New features and benefits of TokenEx include:
-- Proactive card-on-file updates -- TokenEx Account Updater enables
merchants to proactively update expired, lost or stolen payment card
information on file, which maximizes the profitability of recurring
transactions. Likewise, their customers can avoid the frustration of
unintended service interruptions.
-- Optimize transaction routing -- TokenEx BIN Lookup provides critical
payment card data to route payment transactions, leading to increased
authorizations, less fraud, and lower processing costs.
-- Reduce interchange fees and increase authorization rates -- TokenEx
Network Tokens provisions network tokens from card issuers, which
reduces interchange rates and increases authorization rates.
"As payment experts, TokenEx understands that the success of our customers starts with a payment strategy focused on security, compliance, and revenue," said Hetal Giaimo, SVP of Product & Technology at TokenEx. "Market trends require merchants to work with multiple payment providers, which can be time-consuming and expensive, but TokenEx alleviates this complexity to ensure our customers maximize their authorization rates and revenue while minimizing the burden of PCI compliance."
Complimentary Tool Demonstrates ROI of Proactive Account Updates
TokenEx has released an Account Updater Calculator, a complimentary tool that enables merchants to determine how much revenue is at risk from out-of-date information.
Learn More - Enabling Strategic Payment Processing with Card Lifecycle Management
Read More - Gartner® Market Guide for Digital Commerce Payment Vendors
Get Started - Contact TokenEx
(1) Gartner, Market Guide for Digital Commerce Payment Vendors, Dayna Radbill, Akif Khan, 2 December 2022.
Disclaimer: GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About TokenEx
TokenEx is a cloud tokenization and payment optimization provider committed to helping organizations safely and compliantly process and transmit sensitive data. Its industry-leading solution for data protection can secure and desensitize any structured data element to reduce risk, streamline operations, and enable critical business processes. For more information, visit tokenex.com or contact info@tokenex.com.
Media Contact:
Nicholas Mueller
367228@email4pr.com
510-289-2001
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SOURCE TokenEx
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