Visa (V) Announces Pilot Program with Eight North American Financial Institutions for Real-Time Notification Alerts
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Visa (NYSE: V) and eight North American financial institutions – PNC Bank (NYSE: PNC), SunTrust Bank (NYSE: STI), U.S. Bank (NYSE: USB), Wachovia (NYSE: WB), and Wells Fargo (NYSE: WB) in the United States, and Royal Bank of Canada (NYSE: RY), TD Bank Financial Group (NYSE: TD), and Vancity in Canada – have agreed to initiate a pilot program with up to a total of 2,000 participants to test the delivery of real-time notification alerts on Visa accounts.
The program is designed to enhance the consumer payment experience by alerting cardholders in real-time or near real-time of transaction activity on their Visa account – typically within seconds rather than hours or days. Participants will receive notification alerts from Visa through email or Short Message Service (SMS) delivered directly to their mobile devices.
The service allows Visa cardholders to set thresholds that will trigger a transaction alert. Alert types that Visa cardholders may choose in the pilot include:
cash withdrawal from an ATM machine; a transaction initiated cross border; an Internet or telephone transaction and a transaction that exceeds an amount that has been chosen by the cardholder.
Through the alert received via email or SMS text, cardholders can verify the transaction details, and if the transaction appears to be irregular, can immediately contact their bank to help stop further transactions on the card. The service is designed to help cardholders keep closer track of their transactions and spending levels as they go about their daily routine. According to a recent Javelin Strategy & Research report, consumers view timely alerts as a valuable resource to help detect fraud.
Visa Inc. is a retail electronic payments network. The Company facilitates global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities. [SM]
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