FIS® (NYSE: FIS), a global leader in financial technology, today announced the integration of Spade’s real-time transaction enrichment technology into FIS's debit processing platform. The integration is designed to give FIS debit issuing clients access to richer, more precise merchant data at the transaction level and to help ensure cardholder statements reflect clearer, more recognizable merchant names. The designed result is to reduce unnecessary disputes, enable stronger authorization decisions, and facilitate a more transparent payment experience for cardholders.
Ambiguous transaction labels on cardholder statements can drive unnecessary disputes and degrade the data financial institutions need to make accurate authorization decisions.
To address these issues, Spade's enrichment technology is designed to match transactions to a more recognizable merchant identity and surface cleaner, more recognizable merchant names on cardholder statements.
FIS embeds this capability into its debit processing platform so that financial institutions are better positioned to manage and mitigate dispute volumes and give cardholders a clearer, more accurate view of their spending.
“Bringing greater transparency to money in motion -- the moment funds move between consumers and merchants -- is central to how FIS helps financial institutions deliver better experiences across the money lifecycle,” according to this morning’s news release.
Spade’s enriched transaction data is designed to enhance FIS debit issuing clients’ experiences across three core areas.
First, financial institutions can deliver enhanced transaction transparency to cardholders through cleaner, more recognizable merchant data on statements.
Second, FIS debit issuing clients are positioned to potentially improve authorization rates through enhanced transaction intelligence.
Third, financial institutions can power more accurate analytics, AI features, and personalized cardholder experiences using more accurate merchant data as a foundation.
FIS handed over 60 cents, or 1.7%, to $34.81.
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