Silverflow has suggested that tokenization can improve authorization rates by up to six percent, as reported in a statement on October 3, 2023.
This suggestion highlights potential benefits of adopting tokenization in payment systems, prompting interest from financial institutions seeking efficiency gains.
Tokenization Could Boost Payment Authorization by 6%
According to Silverflow, tokenization has the potential to improve payment authorization rates by up to six percent. This proposition aims at enhancing the efficiency of digital transactions within the financial sector.
Silverflow’s initiative involves introducing card tokenization processes and benefits in payment systems. The firm has stated that tokenization could help reduce fraud and increase transaction speed. Stakeholders are reportedly exploring this technology to enhance operational effectiveness.
Financial Institutions Eye Tokenization Benefits
Financial institutions are taking note of Silverflow’s claims regarding tokenization benefits. Industry experts argue that improved authorization rates could lead to increased revenue and enhanced customer satisfaction in a competitive market.
The financial community anticipates possible technological advancements if tokenization proves successful. While some analysts remain cautious, others highlight tokenization’s potential to transform transaction integrity and streamline payment processes. Here’s a quote from Anne-Willem de Vries, CEO and co-founder of Silverflow:
Banks are searching for a swift and cost-effective means to regain control over their payment offerings to merchants. Our collaboration with Aevi combines best-in-class platforms to provide banks with a compelling alternative. Our solution delivers unparalleled data, speed, and innovation, alongside a proven terminal orchestrator.
Tokenization Mirrors Historical Tech Advancements
Comparing to previous technological shifts in payments, tokenization offers a modern solution akin to past EMV standard adoption. Previous innovations underscore tokenization’s promising impact on the transaction landscape.
Experts from Kanalcoin provide insights into tokenization’s potential. Channeling past experiences, they highlight tokenization’s capability to enhance security and streamline operations. They predict adoption trends might echo historical developments.
For additional insights and context, consider reviewing perspectives on tokenization in finance.
