BROOKFIELD, Wis.–One credit union is among the Fiserv clients that have been recognized with 2020 IDC FinTech Rankings Real Results Awards for the standard-setting execution of strategic initiatives.
Recognized was Island Federal Credit Union in Hauppaugue, N.Y., in the category of Next Generation Payments for its accomplishments in reducing false positives.
In addition, Fiserv itself was named the IDC FinTech Rankings Real Results Overall Winner for achieving the highest case study score of the awards for the Next Generation Payments initiative.
The $1.5-billion Island Federal successfully leveraged Authorization Lift from Fiserv, an advanced analytics solution designed to effectively manage risk by reducing the number of legitimate debit card transactions that are wrongly identified and declined as fraudulent.
According to the company, the solution enabled Island Federal to strengthen cardholder loyalty and increase debit card usage through the application of unique fraud rules that reduce false-positives and allow more legitimate transactions to be approved. Since implementation of Authorization Lift, Island Federal has seen year-over-year debit card approval rates improve by 2.55%, and an average of $2,500 per day more in approved debit transactions.
‘Long-Term Interests’
“For 65 years, the focus on our members’ financial well-being has led to strategic decisions that are always made in their long-term interests,” said Craig Booth, senior vice president, CIO, Island Federal Credit Union. “Fiserv has helped us balance robust security with a better cardholder experience, allowing us to continue to provide the first-rate service that Island Federal’s members demand.”
Now in its 6th year, the IDC FinTech Rankings Real Results Awards recognizes IT providers that have enabled a genuine, measurable, and future-enabling change at a client financial institution in the worldwide financial services industry.