Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, today announced the expansion of 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 customers increase revenue and authorization rates from card-on-file payments by automatically updating Visa accounts in real time. This in turn prevents involuntary churn and since Adyen automatically connects to the schemes account updater services, there is no integration.
“It can be a point of frustration for consumers to have to update their new card information with multiple merchants, and this can create a poor experience for those customers,” said Neil Caldwell, SVP, Merchant Sales & Acquiring, Europe at Visa. “With Real Time VAU, Adyen’s customers can bypass that friction and make the checkout smooth. Adyen has been a wonderful partner over the years and we’re excited that they are launching with us in Europe.”
“We are thrilled to be the first financial technology platform to provide Real Time VAU with Visa in Europe,” said Kamran Zaki, COO at Adyen. “Businesses who have customers in Europe will be able to use Real Time Account Updater to ensure they are getting the highest authorization rates while also creating a seamless experience for their customers.”
The feature, which was previously only available in North America, allows businesses to update customers’ stored card details in real time. When a merchant submits a payment, Real Time VAU instantly checks for the latest card details. If there’s an update, Real Time VAU will immediately replace the payment request with the updated card details. This all happens as the payment is being processed, and appears as a single transaction.
Real Time VAU is a part of Adyen’s RevenueAccelerate product suite. By using data and machine learning, businesses are able to unlock more revenue by increasing authorization rates, creating better customer experiences, reducing involuntary churn, and lowering payment costs. Adyen has been offering Real Time Account Updater with a number of global card networks since 2017.
For more information on RevenueAccelerate visit here.
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