Gr4vy, the cloud-native payments infrastructure company, announced the launch of its centralized cloud vault to securely tokenize, store, pull, update and distribute card data, including network tokens, as well as alternative payment methods (APMs) tokens and PSP tokens.
Backed by PCI DSS Level 1 certification, merchants can now “manage payment data how they want, without added security burdens, all while ensuring payment service provider (PSP) independence and data portability.”
John Lunn, founder and CEO of Gr4vy, said:
“Not all payment providers support easy card and payment data portability. Moving recurring payments from one provider to another can be complex. Merchants have to re-map their data and set up a new infrastructure before unplugging the old one. This process gets more complex if merchants are locked in by PSP-specific tokens. Merchants need a ready-made vault to support network tokens for payment processing and to keep card data secure. We are proud to say that we have built our cloud vault to do that and still allow merchants to manage data and scale.”
The global payment security market is “projected to reach 63.96 billion by 2029.”
With market growth driven by “growing consumer concerns about data privacy and security, and the need to lock down customer payment details and card data, merchants can no longer ignore tokenization or how they store sensitive card data.”
Gr4vy offers its vault “as a standalone service or as a fully integrated solution with Gr4vy’s payment orchestration capabilities.”
When used in conjunction with full orchestration, merchants can “build unique checkout experiences and safely collect and store card data. Data stored in the cloud vault belongs to the merchant, removing vendor lock-in for maximum portability and flexibility.”
With Gr4vy, merchants can also easily “tokenize payment methods and use them to process transactions via various PSPs and store multiple network tokens and PSP tokens per customer.”
The vault is ready-made “to support network tokens for payment processing and can return card data, PSP tokens, or network tokens, to use with any compatible payment service.”
Additional Gr4vy Key Features and Benefits:
- Cloud Infrastructure: Gr4vy’s vault runs as a single tenant solution on the Google Cloud Platform (GCP), allowing merchants to operate, scale, and manage card data in their own protected environment.
- Optimized Payment Selection: Merchants get to decide how to charge customers without building complicated routing logic. Gr4vy’s tokenization solution allows merchants to tokenize cards as well as all APMs that support repeated transactions, such as wallets, bank mandates and more.
- Data Portability: Any card data vaulted with Gr4vy can be used across multiple PSPs seamlessly, so merchants can work with more than one provider or even migrate operations without having to re-tokenize all their card data. And Gr4vy uses a sophisticated decision engine to determine what token to use for any particular processor, removing the complexity of provisioning and storing card data, tokens, and network tokens.
- Network Tokens: Gr4vy’s vault is ready-made to support network tokens.
- Seamless Migration: Merchants can import existing tokens from their current payment service provider into Gr4vy’s cloud vault for a seamless migration, and easily export these tokens from the vault.