TokenEx Adds Network Tokenization to its Cloud Data Protection Platform

New functionality increases the breadth of payments capabilities, minimizes fraud, and establishes a frictionless experience for consumers

EDMOND, OK Sept. 10, 2021 – To provide greater security and protection to consumer data amid an unprecedented rise in ecommerce transactions, TokenEx, a leader in protecting the world's most sensitive data, today announced Network Tokenization for its cloud Data Protection Platform. This functionality minimizes widespread payments fraud and establishes a frictionless experience for consumers.

Cyber thieves are incessant in their pursuits to exploit sensitive data. The pandemic’s increase in ecommerce transactions has only heightened consumer vulnerability, as evidenced by the dramatic increase in cyberattacks.

To offset this risk and provide greater protection, network tokens are used to cloak sensitive consumer data or primary account numbers (PAN) by replacing them throughout the payments life cycle with tokens, or unique identifiers.

“The use of network tokens shifts the liability of chargebacks from the merchant to the card brand that is issuing the token,” said Alex Pezold, co-founder and CEO of TokenEx. “Card brands also can automatically update account details when new card information is issued, which means network tokens can be used without interruption when account details change.”

As card-not-present transactions have grown in popularity and profitability, so too has the opportunity for fraud. If sensitive payment details are compromised, or a merchant or issuer cannot verify the legitimacy of use, a transaction is usually declined.

To fight the rise in credit card theft and fraudulent transactions, issuers have begun to offer network tokens to reduce risk and improve the customer experience throughout the payments process. Further, transactions that use network tokens can potentially qualify for higher authorization rates and lower interchange fees than those using standard provider tokens.

“Network tokens are preferred by the card brands and beneficial for increasing conversions. It is also an essential technology for payment innovations like digital wallets,” said Matthew Meehan, chief operating officer at TokenEx. “This addition is a demonstration of our commitment to payments security, and our strategic leadership in helping customers leverage the latest technologies and industry best practices for data protection.”

The TokenEx Data Protection Platform leverages tokenization to protect and store any structured sensitive data, enabling its customers to offload the risk, effort, and expense of maintaining a sensitive database to security and compliance experts. By using TokenEx as a secure, easily accessible repository of sensitive data, organizations can create a single point of integration that helps simplify interactions between systems, ensuring privacy protection and enabling payments orchestration with flexibility to maintain critical business operations.

For more information on Network Tokenization, the TokenEx Data Protection Platform, or to schedule a demo, please contact us today.

About TokenEx
Founded in 2010, TokenEx is an Oklahoma-based cloud tokenization provider committed to protecting the world's most sensitive data from attack. Its industry-leading solution for data protection can secure and desensitize any structured data element to reduce risk, streamline operations, and enable its clients' most critical business processes.

For more information, visit TokenEx.com or email info@tokenex.com directly with any questions about the company or its platform.

 

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Media contact:

Claudine Caruso

tokenex@touchdownpr.com

Topic(s): payments

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