TokenEx collaborates with Token ID to become a Visa Ready solution for network tokens
FOR IMMEDIATE RELEASE
Independent token service provider recognized for its innovative payment solutions.
Edmond, Oklahoma, July 6, 2022 – Cloud tokenization and payment optimization provider TokenEx announced today that it has collaborated with Visa, the world leader in digital payments, to become a certified Visa Ready partner for network tokenization. As part of the collaboration with Visa, TokenEx selected Token ID – a Visa Solution, which empowers banks, merchants, regional payments schemes, clearing houses and other payments stakeholders like TokenEx.
“Network tokenization is proven to increase approval rates by 2.5 percent and provide additional benefits such as lower interchange fees and reduced chargebacks,” said Alex Pezold, TokenEx Founder and CEO. By partnering with Visa and Token ID to support network tokens, we’re demonstrating a commitment to providing our clients with the value of this innovative payment technology.”
The Visa Ready certification program helps technology companies build and launch payment solutions that meet Visa’s global standards around security and functionality. Visa Ready enables partners to accelerate their growth by providing certification guidelines and access to Visa product and go-to-market expertise.
“Network tokens are the key to secure payments, providing value for both card-not-present digital transactions and card present physical transactions,” said Ansar Ansari, SVP, Global Head of Platform Products at Visa. “Through partnerships like this one, we’re excited to bring simplified payment experiences and the secure storage of payment card information to TokenEx clients across North America.”
Token ID – a Visa Solution is designed to enable payments stakeholders to build and manage their own tokenization solutions. TokenEx has partnered with Token ID to support Visa network tokens.
Further, network tokens can be used without interruption when account details change because card brands can automatically update account details when new card information is issued.
“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, president and 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.”
TokenEx is a cloud tokenization provider committed to helping organizations safely and compliantly accept, store 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 firstname.lastname@example.org directly with any questions about the company or its platform.