FIS (NYSE:FIS) today announced Smart Basket, a soon-to-be-released solution designed to leverage a real-time, item-level rating engine and transaction gateway to transform the checkout experience.
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 save and earn rewards while increasing brand and merchant loyalty.
Smart Basket will leverage the strategic integration of three proven marketplace solutions in FIS’ payment ecosystem – the innovative real-time payment gateway, loyalty platform and filtered spending technologies – to create a differentiated network offering that delivers superior value. Smart Basket will be designed to enable a choice of payment methods down to the basket level, reducing payment costs, while enabling personalized loyalty and rewards programs at highly targeted levels.
“Smart Basket represents a significant leap forward in how money can be moved and used during the browsing and shopping experience,” said Jim Johnson, President of FIS. “By leveraging real-time, item-level intelligence, Smart Basket seeks to deliver personalized value and frictionless savings to consumers, providing retailers and brands with the increased sales and insights they need to optimize their strategies. This will be a game-changer for the industry, and we’re excited to bring more value to shoppers, sellers and to brands.”
In the future, Smart Basket can enable financial institutions to build customized loyalty solutions across a broad base of funding sources, including real-time payments, stablecoins, and three- or four-party network solutions. Smart Basket can be enhanced to leverage basket intelligence to track suspicious or atypical purchases that indicate fraud.