PITTSBURGH--(BUSINESS WIRE)--Elan Financial Services, a leader in EFT processing, announced today that it has been certified to offer MasterCard’s Automatic Biller Updater (ABU) to its debit card issuing financial institutions.
MasterCard ABU helps to update the card information for recurring payments. Recurring card payments can be negatively affected by new card numbers or changed expiration dates as the result of a reissue. ABU automates the process of keeping card data for such payments current with the merchant originating the charge. Therefore, disruptions due to account changes are prevented.
Using ABU can reduce the number of declined authorization requests and lost sale opportunities for account-on-file payments.
“Using the MasterCard ABU helps our debit MasterCard issuers to maintain service continuity, which may mean greater cardholder satisfaction and loyalty, while locking in revenue streams due to lower customer service demand and improved operating efficiencies,” said Troy Cullen, President of Elan Financial Services. “In addition, the ABU is a wonderful tool in an age where card compromises have triggered a lot of reissues that affect the recurring payments cardholders have established. As a result, in the case of a mass reissue, MasterCard cardholders are less affected.”
“Once cardholders assign automatic payment arrangements to their debit MasterCard cards, they simply expect them to work,” said Michael Fiore, senior vice president, global P2P and Bill Pay, MasterCard. “MasterCard ABU offers a secure mechanism for issuers and acquirers to exchange and update cardholder account information. Using the ABU, issuers can inform acquirers and their participating merchants that the issuer has modified cardholder account details.”
About Elan Financial Services
Elan Financial Services, a
division of U.S. Bank, provides a complete range of processing and
payments services, including credit card issuing, prepaid card solutions
and ATM and debit card processing. A leading credit card issuer, Elan
also provides transaction processing, terminal driving and monitoring
and support services for more than 35,000 ATMs nationwide and supports
more than 10 million ATM and debit cards. For more information, visit www.elanfinancialservices.com.
