IXOPAY partners with Visa to support network tokenization

Austria-based payment orchestration platform IXOPAY has partnered with Visa to introduce support for network tokenization within its system

Austria-based payment orchestration platform IXOPAY has partnered with Visa to introduce support for network tokenization within its system. The official press release explains that tokenization is a security measure that protects sensitive card data using tokens that do not contain actual card details but instead reference securely stored information.

This method is integral to merchants' compliance with the Payment Card Industry Data Security Standard (PCI DSS), outlining how card data must be stored for secure transactions. Network tokenization streamlines the handling of card-on-file transactions, commonly used for subscription billing and repeat customer purchases, and it uses tokens directly issued by Visa and other card schemes. These tokens reference card data stored at the scheme but exclude personal information such as the cardholder's name and address.

This approach ensures that card data remains up to date, as participating issuers are obligated to manage token lifecycles, preventing transaction declines due to outdated card details. Unlike tokens not directly issued by card schemes, changes to card data, such as re-issuance, do not invalidate tokens stored by merchants. IXOPAY and tokenization IXOPAY acts as a token aggregator, requesting network tokens from Visa and other card schemes on behalf of merchants and storing them in the IXOPAY platform.

This integration aims to reduce friction and improve authorisation rates for online merchants handling card-on-file transactions throughout the customer relationship. In the company press release, officials from IXOPAY highlighted the benefits for subscription-based services and merchants with loyal customer bases, emphasising that minimising declined transactions is very important for revenue maximization and delivering a seamless customer experience. Officials from Visa Austria brought up IXOPAY's innovation and its potential to optimise token handling for merchants, in an effort to improve the security and convenience of digital payments.

Other developments from IXOPAY In July 2023, IXOPAY revealed a partnership with TrustPay to offer improved payment solutions to merchants and clients worldwide. Following this collaboration, TrustPay offered its payment services to traders, aiming to meet the needs and demands of businesses and companies around the world. Moreover, the company provided merchants with the needed tools for streamlining their payment processes and for expanding into new markets, while securely developing their businesses as well.

In April 2023, IXOPAY partnered with EBANX in order to offer global brands and businesses payment solutions. The companies started their initiative in Latin America and aimed to facilitate access together with delivering local payment methods to clients and users. Moreover, the firms set out a goal to improve the overall accessibility to new regions and support the development and growth of international traders and merchants.


Dec 13, 2023 09:48
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