Ethoca Delivers Deeper Consumer Engagement and Improved Transaction Clarity in an Increasingly Virtual World
Ethoca, a Mastercard company, is leveraging an industry-leading network, collaborative technologies, and deep relationships with payments stakeholders around the world to help businesses satisfy the growing demand for improved digital experiences. With its newly introduced Ethoca Consumer Clarity™ solution (formerly Eliminator), Ethoca not only delivers greater transparency and trust into what consumers have bought, but helps businesses better connect with customers via one of their most trusted and highly frequented channels – their digital banking applications.
The way that consumers shop, pay and bank is changing dramatically. Accelerated by the COVID-19 pandemic, consumers are adopting new digital habits at a faster pace than ever before. In the first two months of the pandemic alone, global ecommerce spending surged by USD $53 Billion and consumers came to rely increasingly on digital banking channels to review their purchases and track spending. Unfortunately, according to recent research 77% of surveyed consumers report that they’re often unable to recognise transactions in their online statements, and 96% want more detailed information available in their digital banking application to help understand what they bought.
To alleviate this frustration, and cater to increasingly digital lives, Ethoca has introduced the new evolution of its award-winning Eliminator solution. Consumer Clarity provides rich merchant and purchase information (such as easy-to-recognise merchant names and logos, purchase location details, and itemised digital receipts) to cardholders and financial institution call center and back office staff. Delivered on-demand through secure and trusted banking channels, this enhanced information helps to significantly reduce unnecessary disputes and costly chargebacks caused by transaction confusion.
Beyond dispute prevention, Consumer Clarity empowers businesses to optimise their digital offerings. For financial institutions, this means adding new features and services that improve their cardholders’ experience while using their digital banking applications and encourages them to spend more time engaged with them. For merchants, this means new channels for them to connect with customers – increasing their brand presence.
Leveraging the scale of Mastercard’s global payment network, Consumer Clarity currently provides enriched transaction information from 145+ million merchant locations spanning 200+ countries. Combined with a growing list of digital receipt participants this provides businesses the opportunity to make a wide range of experience and cost-saving improvements.
Financial institution benefits:
- Enhance cardholder experience by offering exciting new features and services that increase engagement in digital banking applications and helps to differentiate from competitors. This includes merchant name & logo, purchase location, itemised digital receipts and more.
- Reduce costs by proving on-demand transaction information that can significantly decrease the number of unnecessary disputes and chargebacks caused by transaction confusion.
- Connect directly with customers to resolve disputes, rather than through the expensive and time-consuming chargeback process.
- Provide a greater level of purchase information that helps to reduce ‘friendly fraud’ caused by transaction confusion.
- Increase brand presence in your customers’ trusted digital banking applications by embedding your logo, contact information and more.
To reveal more about how this solution works, Ethoca is hosting a virtual product walkthrough that provides an in-depth look at Consumer Clarity and how it benefits businesses and consumers alike. To register, visit https://hs.ethoca.com/ccwebinars.
“From day one our mission has been to enhance the consumer experience by improving communication between all payment stakeholders and reducing the need for inefficient systems like the chargeback process. In today’s increasingly virtual world, this is more important than ever,” said Andre Edelbrock, Ethoca’s co-founder and now Executive Vice President, Security & Cyber Innovation at Mastercard. “Consumer Clarity is the next step in this mission. As the name suggests, it puts the needs of consumers first to solve for one of the biggest problems in digital commerce and banking today – a lack of purchase transparency.”
The introduction of Consumer Clarity is part of ongoing Ethoca and Mastercard efforts to facilitate and accommodate the increasing shift to everything digital. This includes a complimentary service that allows merchants to have their logos inserted into digital banking applications in order to eliminate transaction confusion, new enhanced contactless specifications that provide next-generation capabilities for advanced protection and convenience, and the creation of the Mastercard Trust Center – a resource that provides small businesses free online access to trusted cybersecurity research, education, resources and tools.