Transforming data into action
In today's digital age, data is not just valuable; it's indispensable. Consider for a moment the sheer volume of information stored on our smartphones: cherished memories in the form of photos and notes, to the multitude of accounts and social media platforms we daily engage with. Our smartphones have become veritable treasure troves, housing our digital identities and serving as our primary means of interaction with the world around us.
But perhaps even more crucially, our smartphones have become our digital wallets, facilitating transactions for everything from groceries to entertainment with just a tap or a swipe. In this context, the importance of data clarity and security cannot be overstated.
While we rely on our devices for secure and convenient payment transactions, clear presentation of that data is crucial for trust in the digital ecosystem, this is where transaction data enrichment plays an important role. That’s why the financial landscape has shifted with the implementation of Mastercard's mandate AN 4569. This regulation requires detailed merchant information to be displayed in every transaction, including name, logo, address, and contact details.
Beyond compliance with Mastercard’s rules, enriching transaction data offers multiple benefits to financial entities:
Reduction of Chargebacks: In 2022, 6 out of every 1000 transactions resulted in a chargeback, leading to significant financial losses for banks and fintechs. Triple’s enrichment solution reduces chargebacks by up to 40%, thanks to enhanced clarity in the information provided to customers.
领英推荐
Decrease in Customer Support: Ensuring the correct brand name and logo? are consistently displayed within mobile and web banking apps can significantly improve user confidence. This drives a reduction of customer support inquiries by up to 50%.
Improvement of User Engagement: Enriching transaction data has demonstrated a significant impact on user engagement. An improvement of up to 35% has been observed in the usage rate of products with enriched data as they provide better financial knowledge to the banks and fintechs’ users.
To comply with this regulation and simultaneously optimize user experience, Transact Payments offers its clients Triple's data enrichment solution. Transact Payments positions itself at the forefront of payment data innovation. With this technology, financial institutions can guarantee the security and transparency of transactions, improve their user experience, and ultimately increase their profitability.
We are grateful to partner with Transact Payments and offer our solutions to satisfy their clients' needs.
Together we are building a more transparent and secure financial ecosystem.