Mastercard is rolling out a new payment optimisation platform (POP) that integrates real-time data to improve merchant approval rates.
The new service is designed to evaluate over a trillion combinations of data elements in near real time to optimise transaction authorisations and increase approval rates.
Adyen, NEOPAY, Tap Payments, and Worldpay have confirmed they will adopt the new service.
Mastercard’s real-time access to data from billions of transactions enables its POP to identify areas for improvement and pinpoint other potential issues, the payment giant said on Tuesday.
It added that the platform’s models learn and are constantly updated on the latest transaction attributes and authorisation trends to continuously optimise payments, ensuring a smooth user experience for consumers and helping increase conversions for merchants.
A more widespread roll-out of the platform will take place later in the year with additional acceptance partners.
Mastercard said that the move comes as many merchants and buyers struggle with ensuring approval rates.
“Buyers and merchants are limited to the information and data available within their own ecosystems, depend on multiple stakeholders, and may not have the specialist expertise needed to optimise conversion rates,” explained the business.
The payment giant added that initial pilot tests of the platform show an increase in conversions of between nine per cent and 15 per cent.
Sumeet Bhatt, SVP, payment optimisation at Mastercard said: “The Payment Optimisation Platform is a game-changer – it provides our acceptance community partners with tools and intelligence to deliver the best payment experience and drive higher conversions.”
