Elan Financial Services, a division of U.S. Bank, has been certified to offer MasterCard’s Automatic Biller Updater (ABU) to its debit card issuing financial institutions.
ABU, a proprietary product of MasterCard, automates the process of keeping card data for recurring payments updated with the merchant originating the charge thereby preventing disruptions due to account changes.
Use of ABU will benefit Elan Financial Services by reducing the number of declined authorization requests and lost sale opportunities for account-on-file payments.
Michael Fiore, senior vice president, global P2P and Bill Pay at MasterCard, said: "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."