Tokenization Product Build Keeps Payments Leader a Step Ahead

Case Study

October 6, 2020

TABLE OF CONTENTS

Introduction

A national leader in financial services wanted to implement a payment credential tokenization system to further enhance the safety and soundness of digital payments. Building a tokenization capability involved both defining the product and selecting a vendor to complete this component. The client also wanted to construct user manuals for their customers to use and facilitate conversations with digital wallet providers to discuss technical specifications and integrations.

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Challenge

The client’s primary challenge was designing a payment credential tokenization system that met market standards without infringing on proprietary technology. This particular challenge led to other setbacks, such as finding ways to scale integrations and to ensure their technology worked in parallel with other competing services.

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Approach

Levvel’s mission was to collaborate with the client in each phase of the product life cycle. Different sets of resources were implemented for each phase of the project and maintained a continuity of expertise throughout the project. This ensured Levvel’s knowledge, target teams, and skillset carried over and could benefit each step of development. The client was engaged with Levvel in three phases of approach, which included:

  • Phase 1: Strategy; determine the key product features in order to be successful in the market
  • Phase 2: Build; integrate these products at scale, define technical requirements, and work with third-party vendors on the build
  • Phase 3: “Go Live”; build user manuals for customers, ensure configurations, leverage documentation from software provider, write documentation to support user manual, and create the rollout of design
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Levvel's 2021 Real-Time Payments Market Insight Report is Now Live

Levvel Research's 2021 Real-Time Payments Report (RTP) provides a guide to the many use cases of RTP for businesses and outlines the ROI of adoption for financial management processes, product delivery, and customer satisfaction.

Results

The successfully-launched payment credential tokenization product continues to be used today. Now, the client is well equipped with their own technical knowledge to stay successful and competitive.

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Authored By

Levvel

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