Skyflow Strengthens Collaboration with Visa to Make Network Tokenization the Secure Payment Standard

0

PALO ALTO, Calif. —

Skyflow, the data privacy vault company, announced its expanded collaboration with Visa, the global leader in digital payments, to tokenize cards directly with Visa and other major card brands. By leveraging Token ID – a Visa solution, Skyflow makes it easier for merchants, payment facilitators and payment gateways to embark on network tokenization and 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 customers 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 the absent card fraud and can help keep card information on file up-to-date, which improves the customer experience,” said Ansar Ansari, SVP, Global Head of Platform Products at Visa. “Through this collaboration with Skyflow, we are excited to bring simplified payment experiences and secure storage of payment card information to more businesses.”

Start using network tokens quickly and easily with Skyflow

Network tokenization reduces the potential for fraud, improves merchant and consumer experience, helps increase approval rates, and helps reduce overall transaction costs. With Skyflow, customers can easily implement network tokenization without the complexity of integrating with multiple card network providers. Customers do not have to manage PCI data directly and can remove other systems from PCI scope. This is what the card provisioning flow would look like:

  1. A merchant makes a single API call and sends card information to Skyflow directly from their app.
  2. Skyflow obtains the network token from Visa, which is securely stored in a Skyflow data privacy vault. This way, the card information never touches the merchant’s backend systems.

When it’s time to charge a card, the merchant sends the transaction details to Skyflow. Skyflow then retrieves a unique transaction cryptogram via Token ID and sends it along with the network token to the processor to complete the transaction.

“We built Skyflow so that businesses around the world can easily and efficiently adopt world-class privacy standards, and offering network tokenization with Visa helps us do just that,” said Anshu Sharma, CEO of Skyflow. “We started working with Visa over a year ago, and tokenizing the network is a great example of how we are expanding our collaboration with them.”

Skyflow’s Fintech Data Privacy Vault helps organizations securely manage payment data to reduce PCI burden, collect and store customer PII data, run workflows and integrate with services third parties, all without compromising confidentiality. Skyflow makes it easy to prioritize data privacy so customers can ship products faster and focus on their core business.

Learn more about Skyflow and how to get started with network tokenization here.

###

Founded in 2019, Skyflow is a data privacy safe for sensitive data. We wanted to radically transform the way companies manage their users’ financial, medical and other personal data, the data that powers the digital economy. Inspired by the data vaults that leaders like Apple and Netflix have built to manage customer data, our vision was to provide the same type of data privacy vault as a simple and elegant API, something that any developer could easily integrate into their application, the same way they use Stripe, Twilio or Okta. Skyflow is based in Palo Alto, CA with offices in Bangalore, India. For more information, visit http://www.skyflow.com or follow us on Twitter and LinkedIn.

Share.

Comments are closed.