Global FinTech business payments company Adyen is the first company to deliver the Real Time Visa Account Updater (VAU) to Europe, which enables companies to boost authorization rates from card-on-file payments by automatically updating Visa accounts.
Real-Time VAU aims to help prevent involuntary churn and since Adyen automatically connects to the scheme’s account updater services, there is no integration, according to a press release on Tuesday (Sept. 13).
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“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,” Neil Caldwell, SVP, merchant sales and acquiring, Europe at Visa, said in the release.
“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,” Caldwell said.
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Previously only available in North America, Real Time VAU enables businesses to update stored customer card details in real time. Everything happens as the transaction is being processed.
“We are thrilled to be the first financial technology platform to provide Real Time VAU with Visa in Europe,” Adyen COO Kamran Zaki said in the release. “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.”
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Real Time VAU is a part of Adyen’s RevenueAccelerate product suite and taps data and machine learning so businesses can boost authorization rates and reduce involuntary churn. Adyen started offering Real Time Account Updater with a number of global card networks in 2017.
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