Amsterdam-based Adyen, a company whose platform integrates gateway, risk management, processing, acquiring, and settlement of payments, announced on Tuesday, September 13, the expansion of its Real Time Visa Account Updater (VAU) to Europe.
As the first platform to offer Real Time VAU coverage in Europe with Visa, Adyen says it will assist its clients in increasing revenue and authorisation rates from card-on-file payments by automatically updating Visa accounts in real-time. As a result, there will be no need for integration because Adyen automatically connects to the scheme’s account updater services, preventing unwanted churn.
Neil Caldwell, SVP, Merchant Sales & Acquiring, Europe at Visa, says, “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.”
Here’s what this means for businesses
With Adyen’s latest feature, which was previously exclusively accessible in North America, businesses will now be able to update saved card information for clients in real-time.
Real Time VAU immediately checks for the most recent card information when a merchant submits a payment. It will then 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 appears as a single transaction.
Kamran Zaki, COO at Adyen, says, “We are thrilled to be the first financial technology platform to provide Real Time VAU with Visa in Europe. Businesses who have customers in Europe will be able to use Real Time Account Updater to ensure they are getting the highest authorisation rates while also creating a seamless experience for their customers.”
Real Time VAU is a part of Adyen’s RevenueAccelerate product suite. Businesses can increase authorisation 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 many international card networks since 2017.
Founded in 2006 by Pieter van der Does and Arnout Schuijff, Adyen is a payments platform providing end-to-end infrastructure that connects directly to Visa, Mastercard, and other payment methods. It offers payment services across online, mobile, and in-store channels.
Currently, the company is operational in the Netherlands, Brazil, Singapore, the UK, Canada, Australia, South Korea, Hong Kong, Mexico, China, New Zealand, Malaysia, India, Japan, and the US. Its customers include Facebook, Uber, Spotify, Casper, Bonobos, and L’Oréal.
In August 2022, Adyen launched its first in-house designed terminals. The terminal range, which runs on Adyen’s single platform, was developed to support a variety of payment use cases and is the most recent development in Adyen’s commercial offering.