Visa and FIS to Offer Financial Institutions Value-Added Payment Capabilities
Visa and FIS expanded their partnership to offer new value-added payment capabilities to financial institutions of all sizes.
[contact-form-7]The new offerings will include stop payment services that enable cardholders and call centers to halt recurring payments to merchants, a wallet link that pushes an issuer’s branded digital card to the customer’s digital wallet, and eCommerce fraud mitigation that gives issuers increased eCommerce transaction approval rates and helps eliminate the financial liability of chargebacks due to fraudulent purchases, the companies said in a Thursday (June 26) press release.
Visa and FIS will also offer a digital campaign manager that facilitates the use of new marketing channels, such as augmented reality events and other digital experiences, according to the release.
The companies expect to make these new capabilities available to FIS client issuers by the end of the year, per the release.
Chris Como, head of cards and money movement at FIS, said in the release that these offerings are meant to help small financial institutions compete with larger ones.
“By integrating Visa’s advanced solutions into the FIS ecosystem, we are helping to level the technological playing field for those providers, illustrating our commitment to unlocking financial technology to the world,” Como said.
Kathleen Pierce-Gilmore, senior vice president and global head of Visa Issuing Solutions, said in the release: “Our collaboration with FIS is making it easier for financial institutions of all sizes to compete more effectively by offering solutions that drive growth and enhance customer retention.”
The PYMNTS Intelligence report “Local Roots: How Community FIs Can Win the Digital-First Generation,” found that community banks and credit unions are evolving their technology infrastructure to meet the expectations of retail banking customers.
Generation Z and millennials, who are digital natives, are gravitating toward small financial institutions, according to the report. These consumers seek personalized service and effective digital capability, the report said.
In another, separate collaboration, FIS said June 3 that it partnered with Episode Six to launch a new cloud-native platform aimed at helping financial institutions modernize their card-issuing infrastructure.
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