Financial technology provider FIS has announced the upcoming launch of Smart Basket, a new solution aimed at improving the payment experience at checkout.
By utilising a real-time, item-level adjudication engine and transaction gateway, FIS’s Smart Basket works on boosting value and convenience. The solution analyses an individual’s shopping behaviour to proactively provide rewards and payment methods at checkout that best fit their needs. Through this, FIS aims to enable consumers to save money instantly and benefit from rewards while also scaling brand and seller loyalty.
Reinventing the shopping experience
Recent data shows that payment process issues cost organisations approximately USD 4.9 million annually, with over half of them identifying money-in-motion as the highest source of friction. With Smart Basket, FIS intends to mitigate these complexities, with the solution utilising the strategic integration of three market solutions within the company’s payment ecosystem, including its real-time payments gateway, loyalty programme, and filtered spend technologies, to develop a differentiated network offering. Smart Basket will be developed to support payment method selection down to the basket-item level, minimising costs and assisting in customised loyalty and rewards programmes at targeted levels.
Moreover, FIS is designing Smart Basket to see every transfer and transaction as an opportunity to facilitate value, deliver rewards, and support growth across the financial ecosystem. The solution is set to offer benefits to consumers, retailers and brands, and financial institutions.
When it comes to consumers, Smart Basket is being developed to allow them to instantly benefit from tailored reward savings at checkout and automatically select the most suitable payment method for each item. Besides debit, credit, and prepaid cards, FIS’s solution intends to deliver flexible healthcare spending accounts as payment options. After being rolled out, this process can mitigate the complexity of physical coupons and manual choices, in turn making shopping more efficient and rewarding.
At the same time, retailers and brands are set to benefit from increased sales at participating sellers by allowing a more buyer-friendly experience to divide items in the basket for multiple forms of payment, including FSA/HAS and loyalty points. Planned features will be developed to support retailers and brands in gaining more insights into shopper behaviour and the success of marketing strategies. This will enable them to further improve future campaigns and better manage inventory.
Lastly, card issuers will be able to create loyalty programmes for their cardholders, with financial institutions soon having the ability to craft loyalty solutions across a broad base of funding sources, such as real-time payments, stablecoin, and three or four-party network services. Additionally, Smart Basket can be improved to utilise basket intelligence to monitor suspicious purchases that may indicate fraudulent activities.
