#USA #Durham #Spreedly #Payment Vault #Merchant Control

Spreedly Unveils Standalone Payment Vault

In a significant development for merchants, Spreedly has announced the launch of its standalone payment vault. This innovative solution allows merchants the capability to securely preserve and manage their payment credentials, advancing the trend towards greater control in payment processing. With this new option, merchants can operate with a single provider per region while maintaining the flexibility to change providers as their business landscape evolves.

Understanding the Shift in Payment Control

As stated by Justin Benson, the CEO of Spreedly, the payment vault has transformed into a control center in modern payment systems. The emphasis on payment performance has heightened, placing a critical focus on the payment credentials themselves.

“More of what determines payment performance now lives in the credential itself, and providers are finally opening up to let merchants own it,” Benson explained. This shift reflects a growing desire among merchants to manage their payment processes independently rather than relying exclusively on a Payment Service Provider (PSP).

The implications of this change are profound. Merchants yearn for the ability to begin with a vault that can evolve with their needs, allowing them to adopt new technologies and strategies over time without significant disruptions or reallocations of resources.

Features of the Standalone Vault

Spreedly's standalone payment vault is designed to meet the demands of today's merchants. Some key features include:
1. PCI DSS Level 1 Tokenization: To ensure raw payment data remains secure and out of merchant systems.
2. Portable Payment Credentials: These can be utilized across over 100 payment providers, eliminating the fear of being locked into one single processor.
3. Built-in Services: Such as network tokenization and Account Updater services enhance current payment credentials and improve authorization rates significantly.
4. Seamless Integration: Merchants have a straightforward path to expand their payment capabilities on the same platform without needing to redo their credentials.

This structure allows merchants to adopt the vault while seamlessly continuing to run a single provider per area, thus preserving their independence and flexibility.

The Future of Payments

As Spreedly continues to innovate, the understanding of stored credential transactions emerges. The company reports that transactions using stored credentials now comprise 40% of their transaction volume, an increase from 34% in the previous year. This notable climb showcases the increasing demand for payment strategies centered on the concept of portable credentials, as opposed to the traditional reliance on a singular payment processor.

The market is evolving. Payment providers that once hoarded credentials are now embracing merchant-controlled vaults and the portability of those credentials. This monumental shift is essential for merchants looking to strengthen their competitive edge.

In summary, Spreedly's launch of the standalone payment vault is a testament to the company’s commitment to innovation and its recognition of the changing dynamics within payment systems. Merchants are now empowered with tools that enhance their ability to maintain control over their payment processes, ensuring they can adapt and grow in an ever-evolving marketplace. As Mike Rivers, CTO of Spreedly, asserts, “A vault shouldn’t lock you into anyone’s roadmap, including ours.” Indeed, the future of payments appears bright, with the promise of increased flexibility and control.

About Spreedly

Spreedly is at the forefront of redefining global commerce through its open payments platform. Trusted by prominent brands like Adidas, The New York Times, and Warner, the company handles over $60 billion in gross merchandise value annually for thousands of customers worldwide. With its innovative solutions, Spreedly continues to shape the future of secure and flexible payment systems.