Skyflow and Visa strenghten collaboration to make network tokenization the secure payments standard
By leveraging Token ID – a Visa Solution, Skyflow is making it easier for merchants, payment facilitators and payment gateways to get started with network tokenization and to invest in the future of secure payments.
This builds on Skyflow’s existing collaboration with Visa, including participation in Visa Fintech Partner Connect, which helps connect Visa’s clients to fintech providers.
“Network tokenization is the future of payments and has the ability to help improve the security of the entire payments ecosystem. For online merchants in particular, network tokens can help reduce card-not-present fraud and can help keep card-on-file information updated, which improves the customer experience,” said Ansar Ansari, SVP, Global Head of Platform Products at Visa.
“Through this collaboration with Skyflow, we’re excited to bring simplified payment experiences and the secure storage of payment card information to more companies.”, Ansari continued.
Start using network tokens with Skyflow
Network tokenization reduces the potential for fraud, improves the merchant and consumer experience, helps increase approval rates and helps reduce overall transaction costs.
With Skyflow, customers can implement network tokenization without the complexity of integrating with multiple card network providers. Customers don’t have to handle PCI data directly, and they get to remove other systems from PCI scope.
Here’s what the card provisioning flow would look like:
- A merchant makes a single API call, and sends card information to Skyflow directly from their application.
- Skyflow gets the network token from Visa, which is safely stored in a Skyflow data privacy vault. This way, the card information never touches the merchant’s backend systems.
When it’s time for a card to be charged, the merchant sends transaction details to Skyflow. Skyflow then retrieves a unique transaction cryptogram through Token ID and sends that alongside the network token to the processor to carry out the transaction.
“We built Skyflow so businesses everywhere could adopt world-class privacy standards easily and effectively, and offering network tokenization with Visa helps us do that,” said Anshu Sharma, CEO of Skyflow.
“We first began working with Visa over a year ago, and network tokenization is a great example of how we’re expanding our collaboration with them.”, Sharma continued.
Skyflow’s Fintech Data Privacy Vault helps organizations securely handle payment data to reduce PCI burden, collect and store customer PII data, run workflows and integrate with third-party services—all without breaking privacy. Skyflow makes prioritizing data privacy easy so that customers can ship products faster and focus on their core business.