The TokenEx Universal Tokenization Platform was developed in order to streamline card lifecycle management and to increase merchant security, revenue, and overall PCI compliance.
The new features include the Account Updater, BIN Lookup, and the Network Tokens services. The updates were designed by the company in order to offer merchants and traders the possibility to realise the strategic benefits of payment processing.
According to the information published in the `Merchant Risk Council (MRC), 2023 Global Ecommerce Payments And Fraud Report`, businesses and merchants are using an average of 3.9% of payment processors. As managing these payment systems introduces complexity that limits the development process of companies and creates compliance challenges, TokenEx aims to provide its partners with the needed solutions in order for them to overcome these difficulties.
TokenEx Universal Token aims to eliminate the dependency of managing multiple tokens from several payment providers, as well as to desensitise payment card information to prevent primary account number (PAN) exposure during the internal analysis process. At the time, it takes into consideration the cases of data breaches, which can reduce the scope of PCI compliance by 90%.
Included in the new features and benefits of the platform are proactive card-on-file updates, optimised transaction routing, as well as reduced interchange fees, and increased authorisation rates. The TokenEx Account Updater was developed to enable traders to proactively update expired, lost, or stolen payment card information on file while maximising the profitability of recurring payments and transactions. At the same time, clients will be allowed to avoid the frustration of unintended solution interruptions.
The TokenEx BIN Lookup will offer critical payment card data in order to route payment transactions, which will lead to increased authorisation processes, lower processing costs, as well as fewer fraud or threads. In addition, the TokenEx Network Tokens will provision network tokens from card issuers, which is set to reduce interchange rates and increase authorisation rates.
Businesses and merchants will be given the possibility to use the TokenEx suite of services in order to increase revenue, open new markets in a secure and rapid manner, accelerate their development journeys, control their payment processing, and improve their market share. In addition, TokenEx will focus on remaining compliant with the requirements and laws of the industry.
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