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Fiserv launches Authorization Lift to address transaction false declines

Fiserv, a global provider of payments and FinTech solutions, has announced the launch of a unique offering designed to reduce the number of legitimate debit card transactions that are wrongly identified and declined as fraudulent, while effectively managing risk.

False declines are a serious problem for financial institutions and their cardholders. According to data revealed by the Aite Group report, the losses due to false declines is expected to grow to $443B by 2021. It has also shown that as many as 62% of surveyed merchants reported their false decline rates have increased over the past 2 years. Separately, a Fiserv study suggests that 20% of cardholders stop using their cards after experiencing more than one false decline within six months.

Authorization Lift from Fiserv enables financial institutions to balance fraud mitigation, strengthen cardholder loyalty and increase card usage by ensuring genuine transaction approval. The solution leverages Fiserv developed and owned advanced proprietary analytics and new technologies to reduce false declines while increasing profitability and portfolio growth.

Authorization Lift makes use of enhanced authentication, authorization strategies, and intelligent cardholder notifications to put the focus on revenue growth and consumer satisfaction.

“Issuers should not have to choose between declining legitimate purchases and potentially damaging cardholder relationships or approving borderline transactions and experiencing higher fraud losses. The advanced analytics of Authorization Lift help ensure more genuine transactions are approved, so cardholders can avoid the frustration and embarrassment of a declined transaction,” said Patrick Davie, vice president, Product Strategy, Card Services, Fiserv.

Hauppauge, NY based Island Federal Credit Union (CU), a financial institution with $1.5 bn in assets, was looking to improve its false decline rates and agreed to be part of a pilot program for the Authorization Lift solution. The CU has seen approval rates improved by 2.55%, and has also seen an average of $2,500 per day more in approved transactions since joining the pilot program.

“For 65 years, the focus on our Members’ financial well-being has led to strategic decisions that are always made in their long-term interests. Fiserv has helped us balance robust security with a better cardholder experience, allowing us to continue to provide the first-rate service that Island Federal’s Members demand,” said Craig Booth, SVP, Technology and CIO, Island Federal.

Fiserv works with each financial institution enrolled in Authorization Lift to create an authorization strategy combined with a risk-sharing program so that fraud exposure can be managed and mitigated. The FinTech is demonstrating its confidence in its authorization management strategies, powered by machine learning, and the proven partnership it has with its clients. Recently Redstone Federal CU selected Fiserv for P2P payments & A2A transfers.

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