Adyen and Microsoft have recently announced a deepened collaboration that will enable the acceleration of payments innovation for both companies. Named Adyen Network Token Optimization, this development is just the latest creation in a collaboration that started in 2015 between Microsoft and Adyen, a major player in payments platforms preferred by the world’s leading companies.
A newer direction in payments, tokenization is a process that allows companies to substitute sensitive financial data with non-sensitive financial data. This effectively safeguards a company’s Primary Account Number (PAN) by replacing it with a string of unique numbers. It offers cost savings by managing the burden of cardholder data in a secured way, increased security through veiling important account data with an unrelated series of numbers, and one-click payments streamlining the potential of conversions by storing data. By adopting Network Token Optimization, Microsoft will now be able to reap the benefits of tokenization and enjoy increased authorization rates and profit as a result.
Speaking on the matter, Matt Rossmeissl, Vice President of Commerce Engineering Operations at Microsoft said, “Product innovation is at the core of what we do at Microsoft and Adyen's Network Token Optimization is a factor in driving better authorization rates and customer satisfaction." He further stressed that including tokenization in payments enables the company to make good on their mission to make customer experience the center of everything they do. The financial benefits also add value here, with The Fintech Times sharing that $1 billion of financial assets will be tokenized by 2023.
Kamran Zaki, COO at Adyen also added, “At the forefront of innovation, the Microsoft team is always willing to act as an early adopter for many of our new products and features. We work together every day to create positive shopping experiences for Microsoft customers, and are excited to see what we will create next."
Since 2015, Adyen has been processing payments for Microsoft globally, across all Microsoft products and services. Today, Microsoft is reliant on many Adyen products including Real-Time Account Updater to ensure seamless shopping. Network Token Optimization is just the latest in what will come.