It’s an exciting time in the Digital Content vertical at Worldpay with three great product launches on the horizon – Intelligent Account Verification (H2 2017), an updated Account Updater solution (H2 2017) and Intelligent Retries (H1 2018). Each of these products has distinct benefits for our digital content customers and will form a part of our wider Intelligent Payments offer (these services are built on highly advanced machine-learning capabilities and the expertise of our data scientists). The combination of these technological and human capabilities provides enhanced decision-making and better outcomes for our customers. This set of products will be particularly valuable for merchants who take recurring payments, helping them to extend the lifetime value of their customers, offer a more seamless user experience, optimize acceptance rates and increase revenue.
These capabilities are shaped by our unique, real-time data collection and storage. Globally, in 2016, we processed 14.9 billion transactions – the data from which is held in our Enterprise Data Platform. This data gives us unique issuer insights, enabling us to tailor transactions to maximize acceptance and minimize risk.
Intelligent Account Verification uses our data and machine learning to decide whether a 0 value or a particular nominal value should be used when verifiying a customer‘s account. Intelligent Account Verification selects the amount that is most likely to be authorized, ensuring merchants won’t lose consumers and their lifetime value through unnecessary card refusal.
Account Updater ensures the merchant has the latest customer payment credentials, creating a more seamless buying experience, reducing cart abandonment and enhancing customer retention, while improving merchant acceptance. The service boasts full coverage (i.e. support for all card schemes & regions that offer Account Updater), is acquirer agnostic, offers automated billing & reporting, and supports tokens. The merchant can choose which level of control they’d like to have, either specifying which cards they would like to be updated and when, or opting into the automated service which automatically pulls the lost / stolen or due to expire cards. We are also leveraging our relationships with the card schemes to ensure new territories are added to the service as and when they are made available by the schemes.
Intelligent Retries will provide merchants with the ability to reattempt declined transactions and recover otherwise lost revenue. The service can be driven by Worldpay or the merchant. Transactions are automatically retried based on Worldpay’s vast data and machine learning; however, the merchant can also dictate which transactions to retry and when. Machine learning means the underlying retry logic is continually optimized as the data platform processes more and more transactions.
With this updated functionality becoming available for recurring businesses over the next twelve months, it’s a very exciting time at Worldpay with lots to look forward to. Please stay tuned!