That’s possible due to a new integration marrying Spade’s real-time enrichment technology into FIS’ debit processing platform, the company announced Monday (Sept. 28).
“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 release said. “The designed result is to reduce unnecessary disputes, enable stronger authorization decisions, and facilitate a more transparent payment experience for cardholders.”
The release noted that ambiguous transaction labels on cardholder statements can lead to needless disputes and degrade the data financial institutions use to make accurate authorization decisions.
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“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 said. “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.”
PYMNTS spoke earlier this year with Justin Monk, vice president of Debit ATM and Software at FIS, about the pressure facing banks and payments providers to ensure debit card transactions function smoothly.
As that report noted, debit card transactions don’t catch much attention until something goes wrong, whether that means a declined grocery purchase or a card shut down because of suspected fraud, which often means separating a consumer from their main source of money.
“In most cases, debit is the primary card that this individual uses,” Monk said. “They don’t have another debit card, or they don’t have credit, or they’re not willing to use credit. So, when you do a chargeback, and you close a card for fraud, they’re losing the utility of that card for what could be a few hours or could be multiple days.”
One source of friction—the quality of transaction data flowing through the payments system—is located far from the consumer interface, that report said.
“The data is foundational to all the downstream systems that utilize it,” Monk told PYMNTS, pointing to chargebacks and fraud rules.
By improving that flow of information, issuers can make better fraud decisions, reduce false declines and prevent unnecessary chargebacks, the report added.
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