Nuvei partners are benefitting from higher
authorization rates and seamless checkout experiences, in addition
to more secure transactions
MONTREAL, March 7,
2024 /CNW/ -- Nuvei Corporation ("Nuvei" or the
"Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, today announces the latest enhancements to its payment
platform, an advanced network tokenization solution that enables
its partners to benefit from smoother, more efficient, and more
secure transactions in their online checkouts.
Utilizing tokens issued directly by card schemes and banks,
Nuvei's solution enhances overall transaction visibility and
reduces false declines. This improvement in the authorization
process directly contributes to a smoother payment experience and
has been shown to boost card payment conversion rates by as much as
2.1%.1
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 to within a
few seconds, with subsequent transactions processed even faster
using the same pre-existing secure token. Nuvei's flexible solution
also optimizes when the token is created, either during or
following the transaction, to reduce payment friction.
- Automatic token updates: An embedded updater feature
automatically transitions a customer's token information to a new
card in the event of changes, preventing service disruptions and
declined transactions.
- Smart cascading technology: A proprietary system to
ensure uninterrupted service, this solution instantly switches
processing strategies if a token issue arises, keeping transactions
smooth and successful.
These features are already being rolled out globally, supporting
partners to optimize card payment acceptance. A solution to offer
'tokenization-as-a-service' via universal tokens applicable across
multiple acquirers will be available in the near future.
A secure, integrated payment platform
Nuvei's proprietary technology and distinctive approach to
supporting tokenization optimizes card payments beyond meeting card
scheme requirements to prioritize payments security, as well as
enabling effortless PCI DSS compliance.
This solution, which is seamlessly integrated into its full
stack payments platform, boosts card-not-present (CNP) payments
security through comprehensive protection against data exposure and
the threat of fraudulent transactions typically associated with CNP
payments. By replacing sensitive card details, such as the primary
account number (PAN), with a unique, secure identifier,
tokenization offers significant security advantages over
traditional encryption methods. This approach has been proven to
decrease fraud rates in the payments industry by up to
26%.
Nuvei Chair and CEO Philip Fayer
commented on the announcement: "Seamless transactions and
conversion rates are the key to unlocking eCommerce revenue growth.
Our unique approach to network tokenization not only optimizes card
payments security and the protection of consumers' financial data,
but also extends the boundaries of what is possible for transaction
success."
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 50 markets, 150 currencies and 680
alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
1 Convenience and control: Embedding tokenization in
everyday ecommerce | Visa Navigate
NVEI-IR
Contact:
Public Relations
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com
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SOURCE Nuvei