The company Spreedly announced the launch of a new solution for payment storage, which increases the success of transactions.
On Tuesday, June 6, this firm published a press release, which contains information that the Advanced Vault tool combines modern lifecycle functions and network tokenization with active management in a single product format. This solution allows to optimize information storage, update payment methods, and use them more efficiently.
Justin Benson, CEO of Spreеdly, says that his company offers an easy way to implement industry best practices. He also stated that as part of the firm’s solution, experienced payment teams have the opportunity to supplement the rules and apply new configurations that best meet their unique needs.
The press release contains information that the extended storage Spreedly tracks and supports payment methods. In this case, the risk of overpayment for account updates, which are not necessary, is eliminated. Also, the algorithm of the storage operation provides for reducing the number of recurring payment methods and improves the quality of data, automates advanced management methods, and reduces the frequency of transaction deviations.
The new company’s product features include card data, payment method management, and payment attribute expansion.
Benson says that the firm’s new solutions should help customers reduce the costs of current methods of withholding payments, which stipulates that developers of relevant financial products should independently create and manage the optimization process. He also stated that Advanced Vault is the latest example of how the company has invested in solutions that optimize payments for customers and allow the most efficient use of stored payment data.
Joe Meuse, vice president of product management at Spreеdly, said in May during a conversation with media representatives that payment service providers should introduce new approaches to storing payment details in a file. In his opinion, this is necessary so that there are no payment failures due to the user changing the bank, receiving a new card, or replacing the means of payment due to its loss or theft.
Meuse noted that in the event that payment information becomes outdated, as a result of which the possibility of processing transactions disappears, cardholders fix the disconnection of subscriptions, and providers lose customers. He claims that the use of life cycle technology avoids such problems. Meuse says that this solution guarantees the availability of the card when the customer is ready to make a payment.
As we have reported earlier, JPMorgan Debuts B2B Payments Marketplace.
