This platform aims to offer companies a scalable and flexible token solution to enhance the security and efficiency of their payment processes, the company said in a Thursday (Oct. 12) press release. By integrating stored payment tokens as part of the payment experience, merchants and customers can get a seamless and secure transaction process.
The network tokenization platform, an extension of Discover Stored Payment Tokens, is designed to cater to the evolving payment ecosystem, according to the release. Discover partners can now deploy this solution at scale with their merchants.
Judith McGuire, senior vice president of global products at Discover Global Network, said in the release that the company is committed to building network tokenization services with its enhanced, cloud-based platform. McGuire emphasized that this aligns with the company’s long-term strategy of offering a robust and scalable solution in the market, which will serve as the foundation for their future capabilities.
Discover Stored Payment Tokens enable a secure shift to digital payments, ensuring enhanced security and an improved customer experience, according to the press release.
The new platform will initially be implemented by four Discover partners, the release said.
Everyware, a mobile and card present payments platform, anticipates significant benefits for their clients through this scalable solution. Fiserv, a global provider of payments and financial services technology solutions, plans to leverage Discover token services to secure new channels and deliver seamless buying experiences for their merchant clients.
Pagos, a payment intelligence infrastructure startup, recognizes network tokenization as a vital strategy for optimizing payment and billing infrastructure. Adyen, a financial technology platform, aims to enhance the security and performance of online payments for their merchants by expanding their capabilities with Discover Global Network.
Domestic payments schemes need to broaden their approaches to include digital wallets and tokenization and constantly refresh their anti-fraud efforts, Ricardo Leite, senior vice president international markets at Discover Global Network, told PYMNTS’ Karen Webster in an August interview.