back Back

JP Morgan launches Visa real-time Account Updater in Europe

By Gloria Methri

December 14, 2022

  • Card Information
  • Digital Payments
  • Europe
Share

JP Morgan, Europe, Visa real-time Account Updater 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 Outdated information can lead to declined transactions and cardholder inconvenience.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.”

Previous Article

December 14, 2022

ING Germany taps Paysafe for cash deposit and withdrawal app

Read More
Next Article

December 14, 2022

Plooto raises $20m in Series B funding

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Card Information

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

Fime to support set up of UAE’s domestic card scheme

Read More

April 18, 2024

RCBC & Digital Wallet Corporation to develop digital banking in Philippines

Read More

April 18, 2024

NPCI Bharat BillPay & SBI to streamline daily transit payments

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023