Nuvei Corporation this month announced enhancements to its payment platform.
The upgrades include an advanced network tokenization solution that enables partners to benefit from smoother, more efficient, and more secure transactions in their online checkouts, according to a statement released by the Montreal-based financial technology firm.
Utilizing tokens issued by banks, Nuvei’s solution ups overall transaction visibility and reduces false declines, according to the Canadian fintech.
This improvement in the authorization process can boost card payment conversion rates by 2%, data from the company suggest.
“Seamless transactions and conversion rates are the key to unlocking e-commerce revenue growth,” explains Philip Fayer, chief executive officer of Nuvei.
The results of a recent study, “Accelerating Revenue Growth,” conducted by Fayer’s firm, confirms that strategic payment optimization can enhance the revenue of e-commerce businesses.
Nuvei’s new proprietary technology enables frictionless first-time payments, according to Fayer, with subsequent transactions processed even faster using the same pre-existing secure token.
This solution, integrated into Nuvei’s full stack platform, boosts payments security through protection against data exposure and fraudulent transactions. By replacing sensitive card details, such as the primary account number, with a unique 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%, the company claims.
“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,” said the CEO.
The fintech has announced several recent collaborations, including Cash Pay, Plaid, Microsoft, and Adobe.
Trading publicly on the Toronto Stock Exchange, Nuvei’s fintech platform spans 150 currencies and 680 alternative payment methods.
Nuvei was founded by Fayer as Pivotal Payments in 2003.
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