NovoPayment Rolls Out New Platform for Tokenization Services

Issuers, e-commerce players and creators of digital wallets can now adopt tokenization more easily through NovoPayment’s network-agnostic platform.

NovoPayment, a category leader in Banking as a Service (BaaS), has again expanded its ever-growing, network-agnostic tokenization platform. The company’s powerful APIs make it simpler than ever for issuers and merchants to request and issue payment. The platform offers the capability to easily adopt and deploy in-demand, standards-based technologies from NovoPayment partners Visa and Mastercard, ensuring transaction security and approval, while contributing to the growth of e-commerce, mobile commerce, and myriad payment use cases.

On the product’s overall impact, NovoPayment’s Deirdre Bobadilla, Chief Incubation Officer, noted, “We’ve seen demand for tokenized accounts continue to grow steadily since last year, as the business case becomes more clear and compelling for fintechs, issuers and merchants.” Benefits of the platform include reduced fraud incidences by as much as 67 percent and increased approvals by up to six percent. It also boasts the ability to support card-on-file and other key use cases and experiences, such as wallets and wearables.

NovoPayment’s tokenization solutions relieve issuers and merchants of the frequent maintenance and updates required for operation, providing uninterrupted service with the latest features. Through continuous token-issuing and token-requesting updates and the addition of the latest certifications with both Visa and Mastercard, the company is able to cover the entire tokenization ecosystem and enable each client’s unique use case. The latest expansion of NovoPayment’s innovative platform will deliver accessible next-gen payment enablement for all.