Payment orchestration platform Spreedly debuted its Network Tokenization for Payments program, enabled by Mastercard’s MDES for Merchants (M4M), according to a Tuesday (June 14) company press release.
The new offering lets customers choose network tokens or secure, vaulted primary account number (PAN) tokens, both of which Spreedly can store, giving merchants the flexibility of network token transactions and allowing ongoing transactions with other payment service providers (PSPs) or acquirers that are developing network token capabilities, the company wrote.
After initially entering their details in the Spreedly portal, shoppers can complete future purchases with a few clicks.
“Network tokens help businesses ensure the highest success rates possible, decrease fraud and ultimately improve their customers’ experience,” said Randy Guard, chief product and marketing officer, at Spreedly.
“Spreedly’s agnostic approach to offering network tokens that are compatible with any payment service provider gives merchants and merchant aggregators the flexibility they need,” he said.
Network tokens also securely store cardholder data, narrowing the scope and cost of Payment Card Industry Data Security Standard (PCI-DSS) compliance, the press release said. Companies that take subscriptions and installment payments gain higher authorization rates by keeping payment methods up to date.
“Network tokens are a powerful way for digital businesses to improve authorization rates while also driving additional security for cardholders,” said Sherri Haymond, executive vice president, digital partnerships at Mastercard, in the press release. “With M4M, we’re helping merchants and consumers alike prioritize safe, secure and frictionless payments experiences.”
Related: Visa’s Cybersource Joins Spreedly Payments Program
In May, Spreedly announced that Cybersource, a Visa-owned payment solution, had become a preferred partner in the Spreedly Payment Service Provider Program. Preferred partners work with Spreedly to connect payment service partners, merchants and merchant aggregator customers.
Using an API integration, Spreedly offers access to Cybersource’s products, which include fraud management, payment acceptance and security. The company said this latest collaboration follows a long-standing partnership between the two organizations.
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