Adyen introduces the real time account updater with Visa in Europe
By Edlyn Cardoza
Adyen, the global financial technology platform of choice for leading companies, announced the expansion of the Real Time Visa Account Updater (VAU) to Europe. As the first platform to offer real-time VAU coverage in Europe with Visa, Adyen will help its clients increase the revenue and approval rates of card-on-file payments by automatically updating Visa accounts in real time. This, in turn, prevents involuntary churn, and because Adyen automatically connects to the systems’ update services, no integration is required.
“It can be frustrating for consumers to have to update their new card data at multiple merchants, and that can lead to a bad experience for those customers,” said Neil Caldwell, SVP, Merchant Distribution & Acquisition for Europe at Visa. “With Real Time VAU, Adyen’s customers can bypass these obstacles and make the checkout process smooth. Adyen has been a wonderful partner over the years and we are delighted that they are starting with us in Europe.”
Previously only available in North America, this feature allows companies to update their customers’ stored map data in real time. When a merchant submits a payment, Real Time VAU immediately checks the latest card details, and real time VAU immediately replaces the payment request with the updated card details when there is an update. This all happens during the payment processing and appears as a single transaction.
“We are thrilled to be the first financial technology platform to offer Real Time VAU with Visa in Europe,” said Kamran Zaki, COO at Adyen. “Companies that have customers in Europe can use real-time account updates to ensure they receive the highest approval rates while providing a seamless experience for their customers.”
Real Time VAU is part of Adyen’s RevenueAccelerate product suite. By using data and machine learning, companies can generate more revenue by increasing approval rates, creating a better customer experience, reducing involuntary churn, and lowering payment costs. Adyen has been offering the Real Time Account Updater with several international map networks since 2017.
Recently, IBS Intelligence reported that Adyen announced the launch of its first in-house designed terminals. Innovated to facilitate diverse payment use cases, the terminal range marks the latest step forward in Adyen’s growing unified commerce offering.
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