Real Time Visa Account Updater (VAU) will now be available in Europe, according to Adyen, the leading global financial technology platform.
Adyen will assist its customers in increasing revenue and authorization rates from card-on-file payments by automatically updating Visa accounts in real time as the first platform to provide Real Time VAU coverage in Europe with Visa. As a result, there is no integration because Adyen automatically connects to the scheme’s account updater services, preventing involuntary churn.
Neil Caldwell, SVP, Merchant Sales & Acquiring, Europe at Visa, said: “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. 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.”
Businesses are now able to update saved card information for clients in real time thanks to the capability, which was previously exclusively accessible in North America. Real Time VAU immediately checks for the most recent card information when a merchant submits a payment.
Real Time VAU will immediately replace the payment request with the updated card information if there is a change. All of this occurs simultaneously with the payment processing and seems to be one transaction.
The Adyen RevenueAccelerate product line includes Real Time VAU. Businesses can increase authorization rates, improve customer experiences, minimise payment costs, and reduce involuntary churn by utilising data and machine intelligence to unlock more income.
Real Time Account Updater is a service that Adyen has provided with several international card networks since 2017.
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