Visa, a worldwide pioneer in digital payments, is set to join forces with FreedomPay, an international leader in Next Level Commerce™.
The partnership focuses on incorporating Visa’s network tokenisation within FreedomPay’s global identity and tokenisation framework.
The collaboration arises in response to the growing complexity of merchant compliance, changing customer behaviour and evolving privacy regulations. The partnership aims to provide network tokens across multiple card brands, ensuring merchants stay compliant with cross-border and in-region data and privacy regulations, while also enabling them to qualify for lower interchange rates for specific Visa network tokenised transactions.
FreedomPay’s Next Level Commerce™ platform enhances legacy payment systems and allows merchants to harness the power of pay. It is a preferred choice for several leading global companies in various sectors, including retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare, and financial services. FreedomPay’s platform boasts a rock-solid performance in the complex environment of global commerce and has been built purposely to meet these needs.
Visa, on the other hand, is recognised for its scale and flexibility, with its Visa Acceptance Platform capable of provisioning network tokens for FreedomPay’s clients globally. This improves the customer experience, boosts authorisation rates, and minimises fraud.
Through the partnership, the global tokenisation product will provide a streamlined customer journey, offering a seamless experience across borders and merchant locations. It will be integrated into FreedomPay’s broader identity suite, giving merchants a comprehensive view of the customer, resulting in a more personalised checkout experience through data-driven loyalty and incentives.
Additional features will also be supported without any changes to the merchant’s systems. These include supporting card on file use cases with digital wallet taps and token life cycle management. Furthermore, FreedomPay will provide merchants with increased flexibility and geographical coverage, even in harder-to-access regions, when managing customer and card data.
FreedomPay CTO David Knowlton remarked, “FreedomPay is trusted by the largest brands across hospitality, retail, F&B and more to provide repeatable and scalable next level solutions for security, data management and compliance, and to create a personalised and seamless customer journey around the globe.
“By partnering with Visa for network tokenisation, FreedomPay will provide merchants with more flexibility and geographic coverage, including in harder-to-access regions, when managing customer and card data.”
Visa’s SVP, Head of Acquiring and Enablement, Bill Dobbins added, “With the growing number of connected devices, changing consumer behaviours and shifting privacy regulations, the benefits of utilising network tokens are many.
“Using the Visa Acceptance Platform, Visa has the scale and flexibility to seamlessly provision them for FreedomPay’s clients around the globe, helping to improve customer experience, improve authorization rates and reduce fraud.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global