How Visa and Tink are helping customers to clarify banking transactions

Consumers are expecting detailed information to help them identify their purchases at a glance. According to our research¹, 45% of adults in the UK already want their bank to show them more details about their individual payments, such as logo, location, and retailer name. With Merchant Information, banks can provide consumers with more understanding and clarity over their transactions.

Turning confusion into clarity
For those moments of panic spent scrolling through transactions to identify a purchase, lack of detail is often the culprit.
Merchant Information is designed to offer better and more detailed transaction history by transforming raw data into enriched transaction feeds – providing clear brand names, logos, locations, and merchant contact details so that consumers can then identify their transactions and better manage their finances.

For banks, Merchant Information reduces the need for consumers to contact their bank to enquire about transactions they don't recognise. This means cost savings from reduced call centre enquiries and potential transaction chargebacks. According to our analysis, large issuers can save as much as €22m annually by providing greater clarity to their customers.

Why Merchant Information?
Powered by Visa’s open banking platform Tink, Merchant Information includes a series of benefits for consumers and banks:

• Reduce cardholder enquiries: the information simplifies transaction reconciliation, reducing transaction enquiry call volumes
  
• Fraud prevention: greater ability to deter friendly fraud and improve fraud models through granular transaction information
  
• A better digital user interface: the structured and clear transaction data drives in-app engagement and helps consumers to better understand and manage their finances
  
• Increase customer loyalty: clearer information on customer spend enables greater personalisation of services to drive customer engagement

Merchant Information can be paired with complementary data enrichment capabilities including categorisation and recurring transaction prediction. CO2 emissions enrichment can also be added giving banks the ability to provide consumers with a 360° understanding of spend. This can help grow digital relationships between banks and their customers – leading to increased share of wallet and loyalty.

The solution is available in seven European markets, with a full European roll out in progress.

Interested in learning more about our new Merchant Information solution and how it can help move your digital services ahead of the curve? Talk to our experts.