Through this move, Spreedly seeks to mitigate the issues that arise from failed payments caused by outdated card details, especially for recurring billing or subscription models. Integrating Just-In-Time Card Updates aims to provide merchants with up-to-date card credentials when they are required.
This announcement deepens Spreedly’s strategic partnership with Visa to accelerate development across the payment ecosystem. The two companies also worked together in 2021 to foster the adoption of network tokenization through Spreedly’s Payment Orchestration solution throughout Latin America.
Now, besides integrating with VAU to support Just-In-Time Card Updates, Spreedly is including Visa Acceptance across key gateways, including CyberSource and Authorize.net. Through this, the company intends to offer merchants more reach and reliability.
Compared to traditional card update strategies, which operate on a scheduled batch basis, Just-In-Time Card Updates facilitate real-time access to refreshed card credentials at the point of transaction to provide merchants with more control and responsiveness. Spreedly, which is built on the Advanced Vault capabilities of the Open Payments Platform, utilises Visa’s network to equip merchants with more control over obtaining card updates. This ability to use tools on demand enables businesses to improve how they manage their operational costs and prevent disruption to the customer experience for card-on-file subscription payments.
Among the benefits of this integration, Spreedly underlines:
Augmented authorisation rates, with the solution minimising declines brought up by outdated card credentials and recovering revenue from failed transactions;
Increased operational efficiency, as on-demand updates eliminate the need for constant background refreshments;
Customer retention, with Spreedly allowing prevention of service interruptions and improvement of customer loyalty by ensuring simplified transactions;
Expanded flexibility, as merchants can control the timing and use of card updates.
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