MasterCard: Network Upgrades Mean Faster Authorization at POS
May 6, 2010
MasterCard Worldwide announced recently it has completed a worldwide upgraded of its global processing network that will result in faster authorization response times around the world. More efficient authorization will translate into an improved cardholder experience with merchants at the point of sale, the company said in a press release. MasterCard also said the enhanced network will enable additional transaction information and intelligence to be exchanged during authorization, allowing financial institutions to support new business opportunities. “These network-based solutions are designed to provide financial institutions and merchant partners with locally customized opportunities to realize operational efficiencies, reduce fraud-related costs, develop differentiated products and tap into new revenue streams that enhance their profitability and improve their cardholders’ payment experiences,” said Rob Reeg, president, MasterCard global technology and operations. Several of the enhancements will have implications specific to certain regions around the world. In the U.S., for example, hold time for purchases made at automated gas pumps using a debit card has been reduced to less than two hours. Also, there is now additional capacity to evaluate the threat of fraud from compromised accounts in real time during authorization. The upgrades resulted in other enhancements specific to Europe, Latin America and Asia.