Visa, which happens to be a world-renowned provider of digital payments has gone on to announce the expansion of its strategic partnership along with FIS in order to give financial institutions of all sizes, specifically regional as well as community banks an easy access when it comes to innovative payment solutions.
Apparently, the partnership happens to focus on democratising the access when it comes to cutting edge payment capacities, thereby helping smaller as well as mid-sized financial institutions to stay competitive against the larger issuers, as per FF News.
By way of integrating the advanced solution of Visa into the FIS ecosystem, companies can go ahead and provide turnkey tools in order to grow revenue, reduce fraud losses, and also retain customers. It is well to be noted that FIS happens to operate as a global provider when it comes to financial technology solutions, thereby delivering services throughout capital markets, banking, and even merchant sectors.
The cards and money movement division of FIS happens to be central to its supporting payment innovation role. However, Visa happens to be a global leader when it comes to digital payments, thereby connecting millions of Consumers, governments, and businesses Throughout over 200 countries and territories.
It is worth noting that expanded offering happens to introduce many new solutions –
Digital campaign manager
It helps to let the financial Institutions go ahead and run innovative and personalised Marketing campaign with include the likes of augmented reality along with other digital experiences.
Stop payment services
It enables the cardholders along with customer service teams to go ahead and halt any recurring merchant payments thereby giving users more control when it comes to spending.
E-commerce fraud mitigation
It also provides a solution which is designed to enhance online transaction approval rates and eradicate any chargeback liabilities which are caused due to fraudulent purchases.
Wallet link
It goes ahead and pushes back the branded digital cards, directly into digital wallets, thereby elevating the Convenience of the user and decreasing the lost revenue.
This move happens to build on the other strategic agreements which have been made by FIS in the recent months, which includes collaborations with Fulham football club, Oracle, Affirm and PwC. The integration with Affirm enables the banking clients to go ahead and offer pay overtime debit choices in their existing programs.
It is well to be noted that all the new products as well as features are anticipated to become available to FIS Clients by 2025 end. The interested parties can also learn more by way of FIS sales or even explore the FIS payment ecosystem by going online.
Interestingly, Chris Como, who happens to be the head of cards and money movement at FIS says that as per Experian, the average American happens to hold almost 4 credit cards, thereby underscoring the requirement for issuers to have efficient systems in order to stay competitive. But without Infrastructure, which is needed, and resources too, smaller financial institutions can actually struggle in order to meet this requirement. By way of integrating advanced solutions by VISA into the FIS ecosystem, they are hoping to level-up the technological playing field for those providers and thereby illustrate their commitment to unleashing financial technology across the world.
Kathleen Pierce-Gilmore, who is the global Head and Senior vice president of visa issuing Solutions at Visa says that their collaboration along with FIS happens to be making it really easy for financial institutions of all sizes to go ahead and compete in a more effective way by offering solutions which not just drive growth but also enhance the customer Retention. She added that they partner to offer banks with more accessible tools right from fraud prevention to cutting-edge digital experiences pertaining to their customers.