Based on the information provided in the press release, cloud vault helps securely tokenise, store, pull, update, and distribute card data, including network tokens, together with alternative payment methods (APMs) tokens and PSP tokens. Being backed by PCI DSS Level 1 certification, merchants are enabled to manage payment data however they see fit, free of additional security complexities, all while ensuring both payment service provider (PSP) independence and data portability.
Gr4vy provides its vault both as a standalone service and a fully integrated solution with its payment orchestration capabilities. When leveraged in conjunction with full orchestration, merchants can build unique checkout experiences and collect and store card data in a safe manner, with the data stored in the cloud vault belonging to the merchant, thus removing vendor lock-in for maximum portability and flexibility.
What is more, Gr4vy enables merchants to tokenise payment methods and use them to process transactions through varied PSPs and store multiple network tokens and PSP tokens per customer. Additionally, the vault is ready-made to support network tokens for payment processing and can return card data, PSP tokens, or network tokens to use with any compatible payment service.
Per the press release, Gr4vy’s additional key features and benefits include:
Cloud infrastructure. Gr4vy’s vault runs as a single-tenant solution on the Google Cloud Platform (GCP), enabling merchants to operate, scale, and manage card data in their own protected environment.
Optimised payment selection. Merchants decide how to charge customers without building complex routing logic, and the company’s tokenisation solution lets them tokenise cards and APMs that support repeated transactions, such as wallets and bank mandates, amongst others.
Data portability. Card data vaulted with Gr4vy can be leveraged across multiple PSPs, allowing merchants to cooperate with multiple providers and migrate operations without being required to re-tokenise all their card data. Additionally, Gr4vy uses a sophisticated decision engine to determine what token to use for a particular processor, helping remove the complexity associated with provisioning and storing card data, tokens, and network tokens.
Network tokens. The company’s vault is ready-made to support network tokens.
Simplified migration. Merchants can import existing tokens from their current PSP into Gr4vy’s cloud vault for a simplified migration and export these tokens from the vault in an easy manner.
John Lunn, founder, and CEO of Gr4vy said that as not all payment providers support easy card and payment data portability, moving recurring payments from one provider to another can be complex, and merchants are required to re-map their data and establish a new infrastructure prior to unplugging the old one. The spokesperson added that merchants need a ready-made vault to support network tokens for payment processing and to keep card data secure, and the company built its cloud vault to do that and enable merchants to manage data and scale.
Fortune Business Insights projects the global payment security market to reach USD 63.96 billion by 2029. As the market growth is driven by increasing consumer concerns related to data privacy and security, together with the need to lock down customer payment details and card data, merchants need to address tokenisation and how they store sensitive card information.
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