J.P. Morgan has launched Real Time Visa Account Updater (VAU) for European merchants, eliminating the hassle of keeping customer payment information up to date. Previously only available in North America, Real Time VAU allows businesses to update customers’ expired, cancelled or changed stored card details - in real time – enhancing the opportunity for a frictionless customer journey.
Ding, the world’s leading1 mobile top-up service, was J.P. Morgan’s first European client to launch on the platform, citing the seamless integration and improved authorization rates as the key attraction. Micheál Egan, Head of Payments, Ding, was an early adopter of the product. “We have seen first-hand how Real Time VAU addresses our customers’ needs in the moment. It’s hugely important for us to ensure consistently high standards and a frictionless experience, especially given the recurring nature of our business. Automated top-ups are a growth area, and these ‘behind the scenes’ solutions will allow us to push the boundaries of what is possible”.
Card information updates can result from account closures, cards reported lost or stolen, expiration date changes, product upgrades, amongst others. Outdated credential-on-file information can lead to declined transaction and cardholder inconvenience — and ultimately introduce the risks of service cancellation and customer dissatisfaction.
When an update is required, this new feature replaces the payment request with the updated card details as the payment is being processed and appears as a single transaction.
“Our collaboration with J.P. Morgan to bring Real Time VAU to Europe will bring huge benefits to merchants and cardholders,'' said Mehret Habteab, VP Digital Products, Europe at Visa. “This much-anticipated launch simplifies the transaction process and enables more frictionless digital payment experiences that are so crucial to cardholders. Replicating the success of our North American rollout, we are delighted to be working closely once again with the J.P. Morgan Payments team.”
Ding is confident of further success with the product. “Real Time VAU is an extension of the trusted relationship we have had with J.P. Morgan over the last 16 years, allowing us to grow globally and respond to the needs of our customers and business. Coupled with the security of the J.P. Morgan platform, these kind of innovations match our own ambitions and allow us to bring a best in class service to our customers.”
Success is often dependent on agility. Read how trends are shaping the future of payment acceptance.
Receive key updates and news with relevant actionable insights and best practices — including the latest intelligence on payments trends, digital innovation, regulatory change, ESG and sustainable ﬁnancing and much more.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.
Enhancing capital efficiency and fuelling long-term growth with working capital optimization
Dec 01, 2023
Through insights derived from the analysis of working capital metrics, this report aims to help treasury and finance professionals for Japanese companies track working capital trends and guide their initiatives to optimize working capital management for recovery and growth.
Supporting future strategies: Working capital index Latin America 2023
Nov 30, 2023
Through insights derived from the analysis of working capital metrics, this report aims to help treasury and finance professionals for Latin American companies track working capital trends and guide their initiatives to optimize working capital management for recovery and growth.
Data helps ease the pain of cross-border payments for Financial Institutions (FIs)
Nov 30, 2023
There are several challenges involved in cross-border payments, but the data that is associated with each transaction can help alleviate those obstacles for financial institutions.
Payments do more than you think for insurers
Nov 28, 2023
Delivering efficient, dependable solutions at scale with the security you’d expect from a trusted payments innovator.
How AI will make payments more efficient and reduce fraud
Nov 20, 2023
Artificial intelligence (AI) is expanding the payment capabilities of non-bank financial institutions, according to a panel at this year’s J.P. Morgan NBFI Leaders Forum in Sydney.
Enhance your social commerce strategy with payments innovation
Nov 07, 2023
Social commerce has become an integral strategy supporting all business globally across industries.
Driving advanced cross-currency payments for financial institutions
Nov 06, 2023
See how this one innovative global solution can help you rethink the way you do cross-border business.
Helping pay for the cost of college
Oct 31, 2023
How friends and family can contribute funds towards a child’s future education expenses, using debit cards to gift to a 529 account
You're now leaving J.P. Morgan
J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.