First Data Corporation (FDC - Free Report) recently unveiled an artificial intelligence and machine learning powered digital commerce solution — Authorization Optimization.
The solution is exclusively designed for businesses with high volumes of digital data. It applies intelligent transaction tools such as robust rules engine and data science to enable merchants to significantly increase authorization rates for card-on-file transactions.
It facilitates merchants to perform their own analytics in a single dashboard on a variety of data types. Extensive and customized benchmarking of data in real-time assists merchants to manage operations efficiently.
Nandan Sheth, Head of Global Digital Commerce at First Data stated, “Nearly $15 billion in ecommerce revenue is missed annually, because merchants haven’t had a reliable authorization optimization strategy,” “With our new Authorization Optimization solution, we’re providing our enterprise clients with powerful back-end support, fueled by industry-leading data intelligence,” he added.
Initiatives like these seems appropriate considering the fact that companies like Visa (V - Free Report) and MasterCard (MA - Free Report) are offering products and services that compete with the company’s suite of solutions.
Notably, First Data is getting acquired by Fiserv (FISV - Free Report) , a transaction that is expected to be completed in the second half of this year.
Fiserv and First Data are targeting the development of complementary technology capabilities and solutions to enhance client value as well as increase market differentiation.
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