Canadian fintech company Nuvei Corporation (TSX:NVEI) 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.

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.

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.”