Discover Global Network has introduced a cloud-based tokenization platform that aims to transform the way businesses provide secure and adaptable token solutions to their clients and merchant partners.
The platform, an extension of the company’s Discover Stored Payment Tokens offering, will enhance the payment relationship between merchants and token requestor aggregators.
In a prepared statement, Judith McGuire, Senior Vice President of Global Products at Discover Global Network, said:
“We are building network tokenization services with our enhanced, cloud-based platform. This aligns with our long-term strategy to offer a robust, scalable solution in the market, on which we expect to build all our future capabilities. “The new platform is designed for the emerging use cases in the market providing ease of integration for our partners as the payments ecosystem evolves.”
Discover Global Network is working with various partners on this initiative, including payments platform Everyware, financial service provider Fiserv, payments startup Pagos, and financial technology firm Adyen. These partners will integrate the network tokenization platform into their existing payment platforms, thus allowing their customers—including merchants and payment service providers—to offer a more enhanced payments experience.
Casey Klyszeiko, SVP & GM, Global e-Com and Carat Platform at Fiserv also noted in a prepared statement that:
“Fiserv will leverage Discover token services across commerce-enabling systems, including Carat, the global commerce platform that orchestrates payments and experiences for the world’s largest businesses. As consumers increasingly shift buying preferences toward digital, mobile and online shopping, merchants must secure new channels in order to deliver the buying experiences that today’s consumers have come to expect. Network Tokens are critical to omnichannel commerce, helping our merchant clients secure their digital borders, boost approval rates and streamline experiences for their customers.”