Smart Basket will use FIS’s item-level adjudication engine and payment gateway to analyse a shopper’s basket in real time, applying optimal payment methods and rewards at checkout.
The platform is said to aim to make transactions faster, more rewarding, and more efficient for consumers while offering retailers greater insight into customer behaviour.
“Smart Basket represents a significant leap forward in how money can be moved and put to work during the shopping experience,” said Jim Johnson, President of 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.”
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 from FIS and Oxford Economics, payment process friction costs organisations nearly $5 million a year on average.
FIS said Smart Basket aims to reduce these inefficiencies while creating value across the financial ecosystem by aligning consumers, retailers and financial institutions through intelligent commerce.
