MasterCard Worldwide today announced the introduction of multiple innovative enhancements to the MasterCard Worldwide Network that will offer its financial-institution customers and merchant partners opportunities to improve the shopping experience for cardholders; identify new business opportunities; and improve operational efficiencies.
With this network upgrade, global enhancements, as well as regional enhancements, for North America, Europe, Asia and Latin America are now available for customer financial institutions to enable for MasterCard-branded card portfolios.
"The MasterCard Worldwide Network provides a globally integrated infrastructure that is uniquely adaptable to the needs of customers and merchants with both global and local footprints," says Rob Reeg, president, MasterCard Global Technology and Operations. "These network-based solutions are designed to provide financial institutions and merchant partners with locally-customized opportunities to realize operational efficiencies, reduce fraud-related costs, develop differentiated products and tap into new revenue streams that enhance their profitability and improve their cardholders' payment experiences."
"These enhancements further MasterCard's ability to provide network-based solutions that complement our customers' back-office processes, and enable them to deliver more quickly and efficiently against the ever-evolving needs of consumers," says Reeg. "Through these enhancements, no matter where you are in the world, MasterCard is bringing more value to every transaction and new innovations to the cardholder's payment experience."
With these upgrades, MasterCard will introduce the following global enhancements:
* Authorization Response Time Reduction helps to increase approval rates and improve the cardholder experience at the point of sale by reducing the time it takes to authorize a transaction.
* Authorization Message Expansion enables additional transaction information and intelligence to be exchanged during authorization, allowing financial institutions to support new business opportunities.
Specific enhancements will be introduced regionally, including:
In the United States:
* "Pay with Rewards" allows cardholders to redeem rewards and loyalty points at the point of sale as payment for goods and services at merchants that accept MasterCard payment cards.
* Automated Fuel Dispenser Hold reduces open-to-buy hold times on cardholder funds to less than two hours, for purchases made at automated fuel dispensers, improving the cardholder payment experience by helping to ensure more timely access to their funds.
* Expert Monitoring Compromised Account Service evaluates the threat of fraud from compromised accounts in real-time during authorization to help issuers effectively manage re-issuance costs.
* Private Label Services Card Activation helps financial institutions to increase usage of private label prepaid cards by enabling customers to immediately activate and load value on their cards as they make purchases.
* ATM Bill Payments are available in Singapore and compete with domestic providers to help financial institutions move from check-based to electronic bill payments. Cardholders of MasterCard® credit cards or Debit MasterCard® can pay utilities and other bills at any participating domestic ATM.
In Latin America:
* Installment Payments - are available to additional countries in the region, including Argentina and Uruguay.
* ATM Bill Payments are available in Argentina and Uruguay and compete with domestic providers to help financial institutions move from check-based to electronic bill payments by enabling cardholders to use their MasterCard® credit card or Debit MasterCard® at any participating domestic ATM to pay utility and other bills.