By Edlyn Cardoza
- E – Commerce
- False Transaction Rejections
- Fraud Management
The newly formed partnership between Giesecke+Devrient (G+D) and Gr4vy opens the doors for improved customer journeys in e-commerce. By integrating G+D’s network tokenisation solution into the Gr4vy platform, merchants benefit from an enhanced authorisation process and lower transaction costs, resulting in fewer false transaction rejections and a reduction in fraud rates.
“To grow successfully, merchants need partners to help them optimise payment optionality and processing in the eCommerce space, so they achieve higher approval rates and easier transactions,“ said John Lunn, Founder and CEO of Gr4vy. “Our partnership with G+D allows us to go one step further and create an intelligent network tokenisation solution that is compatible with all card schemes, allows for seamless data exchange and scales flexibly. This provides our users with a technology that simplifies payment processing while enabling higher conversion rates.”
In e-commerce, it’s all about payment options, and convenience is a priority; customers leave no room for a poor checkout experience. If merchants want to offer their customers different payment methods, they have to integrate the technology directly into their system, which usually involves time, effort, and expense.
As a modern and proven technology, network tokenisation is increasingly the means of choice, replacing sensitive data with unique tokens. In this way, transactions can be carried out securely and quickly without disclosing details. Through the G+D and Gr4vy partnership, e-commerce providers can instantly take advantage of network tokenisation without significant investments and software implementations.
The benefits for merchants and consumers are compelling: higher authorisation rates and greater trust in the process; lower transaction costs; fewer false transaction rejections; and lower fraud rates compared to transactions where users’ payment data is submitted directly. While merchants can thus focus entirely on their core business, consumers benefit from frictionless payments. They are more willing to submit their personal data in exchange for a seamless and trustworthy transaction.
Gr4vy, with its digital, cloud-native payment orchestration platform (POP), enables companies to incorporate and manage multiple payment providers through a single integration into their system. By incorporating G+D’s network tokenisation technology, all Gr4vy users benefit from its features without additional development effort. The result is an advanced payment solution where merchants can store network tokens and use them for multiple online payment providers, so they are not dependent on one service provider or one platform. The platform is compatible with all major card schemes and Payment Service Providers (PSPs).
“With rapid digitisation and rising customer expectations, the eCommerce business has changed rapidly. The most important criterion here is the simplicity of payment processing. The entire customer behavior can be reduced to a single requirement: Convenience,” adds Kevin Fitzgerald, President and Managing Director of G+D’s Card & Digital Payments business in the US. “By integrating network tokenisation, together we are redefining the payment experience for merchants and customers by combining the highest level of security with a seamless customer experience.”
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