Fintech company FIS has announced Smart Basket, a new solution designed to revolutionize the retail payment process by applying real-time purchase information to deliver personalized rewards and payment options.
Smart Basket will use FIS’s item-level arbitration engine and payment gateway to analyze shoppers’ baskets in real-time, applying optimal payment methods and rewards at checkout.
The platform is said to aim to make transactions faster, more useful and more efficient for consumers while offering retailers greater insight into customer behaviour.
“Smart Basket represents a major leap forward in how money is moved and operated during the shopping experience,” said Jim Johnson, President of FIS. “By leveraging real-time item-level intelligence, Smart Basket seeks to deliver personalized value and seamless savings to consumers while providing retailers and brands with the increased sales and insights they need to optimize their strategies.”
The solution is expected to integrate FIS’s real-time payments gateway, loyalty platform and filtered spend technologies, enabling multiple payment types, including debit, credit, loyalty points and healthcare spending accounts, within a single transaction.
According to research by FIS and Oxford Economics, payment process friction costs organizations nearly $5 million annually on average.
Smart Basket aims to reduce these inefficiencies while creating value across the financial ecosystem by aligning consumers, retailers and financial institutions through smart commerce, FIS said.