Gr4vy Expands Enterprise Cloud Vault-As-A-Service to Merchants of All Sizes
- 14.09.2023 02:25 pm
Gr4vy, the leading cloud-native payments infrastructure company, today announced the expansion of its enterprise-grade cloud vault to merchants of all sizes through a subscription-based, self-service model. With three tailored plans, merchants can now simplify payment data management and storage while accessing highly scalable cloud infrastructure. PCI DSS Level 1 certified, Gr4vy's vault ensures data portability, PSP independence and helps manage an entire tokenization strategy within a secure environment.
"The ability to store card details and replace them with network-specific tokens while ensuring enhanced security and data portability can be complex. Merchants must contend with infrastructure, PSP-specific tokens and other restrictions as they grow," said John Lunn, founder and CEO of Gr4vy, "Merchants require a ready-made vault that provides network tokens for payment processing and keeps card data secure. This is why we've expanded our vault. We wanted to give merchants a level of service that fits their individual needs while allowing them to take on tokenization and scale."
Tokenization is part of payments and fintech at a time when the fintech as a service market will surpass $995.9 Bn in 2023, and the total volume of tokenized payment transactions was $680M in 2022 and projected to surpass $1T by 2026. With growing data breaches, data compliance regulations, and growth within the tokenized payment transactions market, merchants can no longer afford to put their tokenization strategy on the back burner.
Gr4vy's vault-as-a-service makes it easy to store, pull, update and distribute card data while minimizing the PCI compliance process. Merchants can easily store original raw card data, billing and shipping details and link them to a vaulted card. Token management is made effortless as merchants can provision network tokens and their cryptograms, provision PSP tokens and distribute card data for third-party processing. The centralized cloud vault supports regional data deployment, keeping merchants compliant and ahead of local data regulations.
Data portability concerns also become a thing of the past with Gr4vy's subscription cloud vault services. Merchants can quickly import existing card data and PSP tokens from any PSP into Gr4vy's vault. They can export data as a PSP token, Network Token, Card Push, or export it into a new service. Additionally, data stored in the cloud vault belongs to the merchant, removing vendor lock-in for maximum portability and flexibility.