G+D and Gr4vy partner to accelerate unique payment experiences in eCommerce
Munich, 30 January 2023 – The newly formed partnership between Giesecke+Devrient (G+D) and Gr4vy opens the doors for improved customer journeys in eCommerce. By integrating G+D’s network tokenization solution into the Gr4vy platform merchants benefit from an enhanced authorization process and lower transaction costs, resulting in fewer false transaction rejections, and a reduction in fraud rates.
In eCommerce it’s all about payment options. Convenience is priority, customers leave no room for a poor checkout experience. If merchants want to offer their customers different payment methods, they have to integrate the technology directly into their system – a process that usually involves time, effort and expense. As a modern and proven technology, network tokenization is increasingly the means of choice, replacing sensitive data with unique tokens. In this way, transactions can be carried out securely and quickly without disclosing details. Through the G+D and Gr4vy partnership, eCommerce providers can take advantage of network tokenization instantly without large investments and software implementations.
The benefits for both merchants and consumers are compelling: higher authorization rates and greater trust in the process; lower transaction costs; fewer false transaction rejections, and lower fraud rates when compared with transactions where users‘ payment data is submitted directly. While merchants can thus focus entirely on their core business, consumers benefit from frictionless payments and are more willing to submit their personal data in exchange for a seamless and trustworthy transaction.
Gr4vy, with its digital, cloud-native payment orchestration platform (POP), enables companies to incorporate and manage multiple payment providers through a single integration into their system. By incorporating G+D’s network tokenization technology, all Gr4vy users benefit from its features without additional development effort. The result is an advanced payment solution where merchants can store network tokens and use them for multiple online payment providers – so they are not dependent on one service provider, or one platform. The platform is compatible with all major card schemes and Payment Service Providers (PSPs).
„To grow successfully, merchants need partners to help them optimize payment optionality and processing in the eCommerce space, so they achieve higher approval rates and easier transactions,“ said John Lunn, Founder and CEO of Gr4vy.“ Our partnership with G+D allows us to go one step further and create an intelligent network tokenization solution that is compatible with all card schemes, allows for seamless data exchange and scales flexibly. This provides our users with a technology that simplifies payment processing while enabling higher conversion rates.“
„With rapid digitization and rising customer expectations, the eCommerce business has changed rapidly. The most important criterion here is the simplicity of payment processing. The entire customer behavior can be reduced to a single requirement: Convenience,“ adds Kevin Fitzgerald, President and Managing Director of G+D’s Card & Digital Payments business in the US. „By integrating network tokenization, together we are redefining the payment experience for merchants and customers by combining the highest level of security with a seamless customer experience.“
Giesecke+Devrient (G+D) is a global security technology group headquartered in Munich. As a trusted partner to customers with the highest demands, G+D secures the essential values of the world with its solutions. The company develops technology with passion and precision in four major playing fields: payment, connectivity, identities and digital infrastructures.
G+D was founded in 1852. In the fiscal year 2021, the company generated a turnover of 2.38 billion euros with around 11,800 employees. G+D is represented by 89 subsidiaries and joint ventures in 33 countries. Further information: www.gi-de.com.
Gr4vy is a cloud-native payments company that takes the complexity out of merchants running payments infrastructure, freeing them to focus on what matters most. Gr4vy redefines payments by providing an intuitive, cutting-edge payment orchestration platform (POP) that leverages the power of the Cloud to modernize payments infrastructure. The company’s orchestration layer upgrades merchants‘ payments stack to make them more nimble. The no-code dashboard centralizes the integration and management of a merchant’s payment methods, providers, conditions and transactions to empower them to do more in less time, all in one place. For more information, visit https://gr4vy.com/.
Corporate Brand Communication
Phone: +49 89 4119-2164
Head of Unit
Phone: +49 89 59997-761