Following this announcement, the partnership is expected to provide banks and fintechs with the possibility to deliver secure, tokenized digital payments across multiple wallets and digital channels. This process is set to take place without the need for additional third-party integrations.
In addition, the new status as a Mastercard Digital Activity Service Provider (DASP) will enable a secure integration with the Mastercard Digital Enablement Service (MDES), allowing customers to offer frictionless digital payments with optimised efficiency and cost savings.
Through the use of Tuum’s MDES connector, issuers will be enabled to offer secure and fast digital payments for ecommerce and in-app transactions, while also having the possibility to leverge digital tokens that replace sensitive card details, simplify digital wallet integration (this will take place through a single connection to MDES, streamlining tokenized payments), and reduce operational costs by eliminating intermediaties and without additional vendor fees. At the same time, it will also improve compliance efficiency (by removing the need for additional partner due diligence) and optimise card lifecycle management with tokenization processes being automatically triggered by issuer card management systems.
As digital payments continue to grow and develop at a very fast speed, financial institutions need efficient, secure, and cost-effective solutions in order to stay competitive. Through the process of integrating directly with MDES, Tuum will ensure that banks and fintechs can accelerate digital payment adoption, strengthen security, and future-proof their overall payment infrastructure, as well as maintain full control over the customer experience.
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