Bank software and payment tech company FIS is launching a token management service in a partnership with Visa.
The Worldpay from FIS token management service will connect directly with Visa Token Service, a link up that will provide both “industry-leading global data protection services” and ramped up eCommerce capabilities,” to online merchants and other partners, the companies said in a press release.
FIS, in turn, is betting that providing access to Visa’s tokenization capabilities will be a big draw for online merchants and vendors, helping “reduce the risk of data theft” while boosting retention of customers “through uninterrupted commerce and enhancing card not present authorization rates,” according to the press release.
“Merchants and shoppers will both benefit from this increased level of security, which will help protect sensitive data across the entire payments ecosystem,” said Nicole Jass, senior vice president of product at FIS.
As part of the partnership, FIS said it will also enable FIS will also enable “Click to Pay with Visa,” which, the payment technology company said, should be of particular interest to “merchants that have a high percentage of guest checkout transactions.”
In particular, through Click to Pay with Visa, shoppers won’t have to “repetitively enter Visa payment card, shipping and billing data,” which, in turn, “can reduce cart abandonment rates.”
Worldpay, the payments company FIS last year acquired for $35 billion, “will provide Click to Pay with Visa to its network of merchants, regardless of the merchants’ acquiring relationship,” FIS said.
“As the shift to digital commerce accelerates globally, so does the need for products that enhance both security and authorization rates,” said Ansar Ansari, global head of platform products, Visa, in the press release. “Worldpay’s approach through their token management service and Click to Pay with Visa will make tokenization and digital payment integration much easier for merchants, while enhancing security and the user experience for millions of online shoppers.”
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