JP Morgan launches Visa real-time Account Updater in Europe
By Gloria Methri
JP Morgan has launched Real Time Visa Account Updater (VAU) for European merchants, eliminating the need to update customer payment information. Previously only available in North America, Real Time VAU allows businesses to update customers expired, cancelled, or changed card details in real-time, for a frictionless customer journey.
Ding, the Ireland-based mobile top-up service, was JP Morgan’s first European client to launch on the platform.
Micheál Egan, Head of Payments, Ding said, “We have seen first-hand how Real Time VAU addresses our customers’ needs at the moment. It is hugely important for us to ensure consistently high standards and a frictionless experience, especially given the recurring nature of our business. Automated top-ups are a growth area, and these ‘behind the scenes’ solutions will allow us to push the boundaries of what is possible”.
The need to update Card information can result from account closures, report of lost or stolen cards, change in the expiration date, and product upgrades, amongst others. Outdated information can lead to declined transactions and cardholder inconvenience.
When an update is required, the new VAU feature replaces the payment request with the updated card details while the payment is being processed.
Sara Castelhano and Ludovic Houri, EMEA co-heads of Payments and Commerce Solutions, JP Morgan Payments said, “The solution, previously only supported by Visa in the US and Canada, offers our European and global merchants increased revenues by enabling improved authorisation rates for subscription and card-on-file Visa transactions. By updating Visa card information in real-time, clients can unlock revenues while simultaneously creating a better consumer experience.”
Mehret Habteab, VP Digital Products, Europe at Visa added, “Our collaboration with JP Morgan to bring Real-Time VAU to Europe will bring huge benefits to merchants and cardholders. This much-anticipated launch simplifies the transaction process and enables more frictionless digital payment experiences that are so crucial to cardholders. Replicating the success of our North American rollout, we are delighted to be working closely once again with the JP Morgan Payments team.”
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