Spreedly, the provider of the leading Payments Orchestration platform, today announced it has launched the first of its kind, complete vaulting solution for payments teams. Spreedly's Advanced Vault optimizes payment methods by combining modern lifecycle features and network tokenization with active management.
The Advanced Vault offers new levels of value over traditional payment method management. This additional offering transforms the traditional payments vault from a digital storage space into an adaptable, intelligent service that improves transaction success and maximizes the value of your stored payment methods.
“The many complexities associated with payments makes it one of the areas in a business most ripe for efficiency gains,” said Jordan McKee, Research Director for Fintech at S&P Global Market Intelligence. “The most advanced merchants relentlessly pursue efficiencies across all aspects of their payment stack. This includes strategies that optimize the cost of acceptance, simplify payment operations, and provide actionable business insights.”
Built on Spreedly’s PCI-compliant vault, the new offering combines a modern set of features for card lifecycle management and network tokenization with rules and configurations designed to optimize how your payment methods are stored, refreshed and utilized. This new technology will actively monitor and maintain payment methods, enabling customers to:
- Eliminate overpayment for unnecessary account updates
- Reduce duplicate payment methods
- Significantly improve data quality
- Automate best practices in vault management
- Decrease transaction decline rates
“It was clear that many of our current customers were incurring increased costs with their payment method retention strategies. The set of tools available, while valuable, required payment teams to create and manage the entire optimization process themselves,” explained Justin Benson, CEO at Spreedly. “Advanced Vault is the latest example of how Spreedly has invested in solutions that optimize payments for customers and enable them to get the most out of their stored payment credentials. We are offering an easy way to incorporate industry best practices while still creating the opportunity for savvy payment teams to add rules and configurations to best meet their unique needs.”
Benefits of the new Advanced Vault offering include:
Payment Method Lifecycle Optimization: Card details are kept up-to-date and “evergreen” using a combination of multiple, redundant AU services and network tokenization when available.
Active Management: Rules and configurations based on industry best-practices offer flexibility to suit each unique organization’s needs. Active management of the payment methods eliminates needless costs and stale entries.
Enrichment of Payment Details: Further expansion of payment attributes including BIN, Payment Account Reference (PAR), fraud integrations, payment method redactions, etc. are being actively added to the solution.
Spreedly customers can enroll in the Advanced Vault and pricing is based on a tiered monthly fee per credential stored in the vault.