Akurateco, a leading payment platform, proudly announces its pioneering integration of network tokenization in collaboration with Visa, a world leader in digital payments.
Network tokenization enhances the security of sensitive payment information while improving user experience and conversion rates.
What is Network Tokenization?
Network tokenization replaces the Primary Account Number (PAN) with a unique alphanumeric token generated by a Token Management Service (TMS). When a customer makes a purchase using their PAN on a merchant’s website, the PAN is sent to the gateway, where the TMS generates a secure token. The merchant securely stores this TMS token for future transactions, ensuring a safe and streamlined process. The network token, which is linked to the TMS token, is exchanged throughout the payment network along with a cryptogram, securely passing through the gateway, acquirer, and payment network. This process minimizes risk while maximizing efficiency.
Seamless Card Updates and Improved User Experience
One of the key advantages of network tokenization is its ability to streamline card reissuance. In the event of a card update, Akurateco’s system receives a WebHook, ensuring the updated card details are automatically linked with the token. This eliminates the need for users to re-enter their card information, providing a seamless experience while boosting conversion rates.
Superior Security and User Convenience
By using dynamically generated, secure tokens, network tokenization significantly enhances security, making it virtually impossible for original card data to be exploited. This innovative approach benefits both merchants and customers, offering a smooth, secure payment journey.
“We are thrilled to lead the way in payment security by implementing Visa’s network tokenization,” said Andrew Riabchuk, Founder of Akurateco. “This groundbreaking solution not only enhances security but also improves user experience, allowing our clients to benefit from the latest advancements in payment technology.”