FIS (NYSE:FIS) today announced Smart Basket, a soon to be released solution being designed to leverage a real-time, item-level adjudication engine and transaction gateway to transform the payment experience at check out.
Smart Basket aims to unlock value and convenience by analyzing an individual’s shopping behavior to proactively apply optimal rewards and payment methods at checkout, making it easier for consumers to instantly save money and earn rewards while increasing brand and seller loyalty.
Smart Basket will leverage the strategic integration of three proven market solutions within FIS’ payments ecosystem – its innovative real-time payments gateway, loyalty platform, and filtered spend technologies – to create a differentiated network offering that delivers superior value. Smart Basket will be designed to enable payment method selection down to the basket-item level, lowering payment costs while enabling customized loyalty and rewards programs at highly targeted levels.
“Smart Basket represents a significant leap forward in how money can be moved and put to work during the search and shopping experience,” said Jim Johnson, President at FIS. “By leveraging real-time, item-level intelligence, Smart Basket is seeking to deliver personalized value and frictionless savings to consumers while providing retailers and brands with increased sales and insights they need to optimize their strategies. This will be a game-changer for the industry, and we are excited to bring more value to buyers, sellers and brands wherever money flows.”
In the future, Smart Basket can enable financial institutions to craft bespoke loyalty solutions across a broad base of funding sources, including real-time payments, stablecoin, and three- or four- party network solutions. Smart Basket can be enhanced to leverage basket intelligence to monitor suspicious or atypical purchases that indicate fraud.
