G+D partners Gr4vy

Tuesday 31 January 2023 08:28 CET | News

Germany-based security tech group Giesecke+Devrient (G+D) has partnered cloud-native payments infrastructure company Gr4vy looking to improve customer journeys in ecommerce.


Following this collaboration, G+D’s network tokenisation solution will be integrated into the Gr4vy platform, enabling merchants to benefit from an enhanced authorisation process and decreased transaction costs, thus resulting in fewer false transaction rejections, as well as a reduction in fraud rates.

Ecommerce and how the partnership falls into place

The press release details that ecommerce is all about payments and, as convenience is a priority, customers leave no room for a poor checkout experience. Should merchants want to provide their customers with different payment methods, they need to have the technology integrated directly into their system, a process that is usually time consuming, and requires effort and expense. 

Being a modern, proven technology, network tokenisation is increasingly the means of choice, helping replace sensitive data with unique tokens and enabling transactions to be carried out in a secure and quick manner, without disclosing details. Following the G+D and Gr4vy partnership, ecommerce providers can leverage network tokenisation instantly, without having to make large investments or implement software.

Part of the benefits brought forth through this collaboration, for both merchants and consumers, have been detailed as being: 
  • Higher authorisation rates and bigger trust in the process;

  • Decreased transaction costs;

  • Fewer false transaction rejections, and lower fraud rates when compared with transactions where users’ payment data is submitted directly.

While merchants are enabled to focus entirely on their core business, consumers are thought to  benefit from improved payments and are more willing to submit their personal data in exchange for a simplified and trustworthy transaction.

Germany-based security tech group Giesecke+Devrient (G+D) has partnered cloud-native payments infrastructure company Gr4vy looking to improve customer journeys in ecommerce.

Together with its digital, cloud-native payment orchestration platform (POP), Gr4vy helps companies incorporate and manage a multitude of payment providers via a single integration into their system. By incorporating G+D's network tokenisation technology, all Gr4vy users can take advantage of its features with no additional development effort being required. This results in an advanced payment solution where merchants are enabled to store network tokens and use them for multiple online payment providers, so that that they do not depend on one service provider, or one platform. Furthermore, the platform is compatible with all major card schemes and payment service providers.

When commenting on the collaboration, Gr4vy officials advised that in order to grow successfully, merchants have a need for partners who help them optimise payment optionality and processing in the ecommerce space, so as to achieve increased approval rates and easier transactions. The partnership with G+D enables the company to create an intelligent network tokenisation solution that is compatible with all card schemes, allows data exchange and scale flexibility and provides users with a technology that helps simplify payment processing, while also enabling higher conversion rates. 

G+D officials added that with digitisation and increasing customer expectations, the ecommerce business has seen rapid change, with the most important criterion being the simplicity of payment processing. When talking about customer behaviour, officials believe that this can be reduced to a single requirement, that of convenience. By integrating network tokenisation, the two companies are looking to redefine the payment experience for both merchants and consumers by combining a high level of security with an improved customer experience.

For more information about Gr4vy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, payments , tokenization, payments infrastructure, network tokenisation, customer experience, ecommerce, ecommerce platform, merchants, digital payments, digitalisation, PSP, payments orchestration
Categories: Payments & Commerce
Companies: Giesecke+Devrient, Gr4vy
Countries: World
This article is part of category

Payments & Commerce




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