Spreedly partners with Visa to accelerate network tokenization in LATAM

Tuesday 9 February 2021 14:00 CET | News

US-based payments platform Spreedly has teamed with Visa to foster the adoption of network tokenization via Spreedly’s Payments Orchestration solution, throughout Latin America. 

The joint work will kick off in various countries including a project in Argentina, and soon expand into other markets across the region.

As Visa representatives have put it, today, more than half of Visa’s payment credentials in Latin America and the Caribbean are token ready.  Spreedly connects directly to major card network tokenization services, providing a network token to be stored in Spreedly’s vault. The card networks, aware of any updates being made to account credentials, push those updates to Spreedly in real time, ensuring payment credentials are always up-to-date. The network token is stored alongside primary account numbers (PAN) in Spreedly’s vault for transacting with any combination of supported gateways and acquiring banks.

According to Spreedly, when stored credit and debit cards expire or are out of date, they can’t be used to process transactions. This can have major revenue and customer experience impacts for merchants that store card information for subscriptions or ongoing purchases. Network tokenization addresses this challenge — protecting sensitive data, regardless of card brand or payment type and ensuring that card credentials are updated seamlessly and securely when expired, which results in reduced fraud and a boost in overall success rates.

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Keywords: Visa, Spreedly, online payments, network tokenization, Latin America, Argentina, Mexico, payments infrastructure, payments orchestration
Categories: Payments & Commerce
Countries: Latin America
This article is part of category

Payments & Commerce