FIS is integrating real-time merchant data from FinTech Spade into its debit processing platforms as it looks to reduce avoidable cardholder disputes and give customers greater clarity over transactions.
The integration matches debit transactions with enriched merchant profiles from Spade’s database, which the company says covers 99.9% of businesses across the US and Canada. FIS debit issuing clients can use the data to display clearer merchant names, locations and transaction details on cardholder statements.
The technology also gives issuers access to transaction-level merchant information that can support payment authorisation, dispute management, analytics and more personalised customer experiences.
Unclear or unfamiliar merchant descriptions can cause cardholders to mistake legitimate purchases for fraudulent or unauthorised transactions, potentially leading to unnecessary disputes. More detailed transaction information could help issuers reduce this friction while giving customers a clearer view of their spending.
Spade’s technology identifies the merchant associated with each transaction, with FIS embedding the capability directly into its debit processing infrastructure. The companies said the enriched data can also help issuers make more informed authorisation decisions and strengthen the information available to downstream analytics and AI applications.
FIS said the integration offers three key benefits for financial institutions: clearer merchant information for cardholders, improved transaction intelligence that could support authorisation rates, and richer data for analytics, AI tools and personalised services.
The capability is now live for FIS debit issuing clients and forms part of the company’s broader strategy to embed data intelligence within its issuing infrastructure. FIS said greater visibility into transactions can help institutions improve authorisation performance and fraud resilience as payment ecosystems become increasingly complex.
FIS provides technology to financial institutions and businesses across payments, banking and investing. The company is listed on the NYSE and is a member of both the Fortune 500 and S&P 500.
FIS head of issuing solutions Kim Bynan said, “A clear transaction record can help customers keep better track of where their money is going, and financial institutions deserve data that helps make that possible. The integration of Spade’s enrichment technology into our debit processing platform is designed to give our clients a cleaner, more complete picture of transactions, so they are better positioned to mitigate dispute volumes and deliver the clear, reliable payment experiences their customers expect.”
Spade co-founder and CEO Oban MacTavish added, “Delivering a modern payment experience starts with understanding the exact origin of every transaction. Integrating with FIS puts enriched merchant data inside one of the leading issuing platforms in the market, setting a new standard for transaction transparency across the financial industry.”
Investors
The following investor(s) were tagged in this article.
