Island Federal Credit Union sees approved transactions increase with Authorization Lift
Fiserv, a leading global provider of payments and financial services technology solutions, announced it has launched a unique offering designed to reduce the number of legitimate debit card transactions that are wrongly identified and declined as fraudulent, while effectively managing risk.
“For 65 years, the focus on our Members’ financial well-being has led to strategic decisions that are always made in their long-term interests”
Authorization Lift from Fiserv enables financial institutions to strengthen cardholder loyalty and increase card usage by ensuring more genuine transactions are approved. The solution uses Fiserv developed and owned advanced proprietary analytics to shrink the number of false declines.
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“Issuers should not have to choose between declining legitimate purchases and potentially damaging cardholder relationships or approving borderline transactions and experiencing higher fraud losses,” said Patrick Davie, vice president, Product Strategy, Card Services, Fiserv. “The advanced analytics of Authorization Lift help ensure more genuine transactions are approved, so cardholders can avoid the frustration and embarrassment of a declined transaction.”
Island Federal Credit Union, a financial institution with $1.5 billion in assets and more than 48,000 Members, based in Hauppauge, NY, was looking to improve its false decline rates and agreed to be part of a pilot program for the Authorization Lift solution. Since joining the pilot program, the credit union has seen year-over-year approval rates improve by 2.55%, and has also seen an average of $2,500 per day more in approved transactions.
“For 65 years, the focus on our Members’ financial well-being has led to strategic decisions that are always made in their long-term interests,” said Craig Booth, SVP, Technology and CIO, Island Federal. “Fiserv has helped us balance robust security with a better cardholder experience, allowing us to continue to provide the first-rate service that Island Federal’s Members demand.”
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