J.P Morgan has announced the launch of its Real Time Visa Account Updater (VAU) for European merchants in a new partnership with Visa.
Initially launched in the US, Real Time VAU allows businesses to update expired, cancelled or changed stored card details in real time. The bank said that this will “enhance the opportunity for a frictionless customer journey”.
In a press release, the bank explained that when an update is required, VAU now 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.”
Mobile top-up service Ding has become the first European client to launch on the new platform.
Micheál Egan, head of payments, Ding, commented: “We have seen first-hand how Real Time VAU addresses our customers’ needs in the moment.
“Automated top-ups are a growth area, and these ‘behind the scenes’ solutions will allow us to push the boundaries of what is possible.”
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