Complying with Mastercard AN4569 by enriching payment data

Security and accuracy in financial transactions are fundamental pillars to ensure the trust of customers and the success of any banking institution. In this regard, Mastercard’s AN4569 regulation sets strict standards to ensure the protection of payment data and prevent fraud.

This is where payment data enrichment enables these requirements to be met, not only improving the security and accuracy of transactions, but also offering additional benefits for customers and the bank.

Payment data enrichment consists of adding additional information to the basic transaction data to improve the quality and usability of the information, such as the merchant’s address, activity code or website.

Verify authenticity

One of the ways in which the enrichment of payment data helps to comply with AN4569 is through the validation of cardholder information. With more complete and accurate data, banks can verify the authenticity of transactions and ensure that the information provided by cardholders is valid and reliable, thus meeting the requirements of the new regulation.

Preventing fraud

In addition to validating information, enriching payment data also contributes to fraud prevention. By aggregating additional information, such as spending patterns, location of regular transactions and other data on customer behaviour, banks can improve their fraud detection systems and protect cardholders against fraudulent transactions. This is especially important to comply with security regulatory requirements, which demand effective measures to prevent fraud and protect sensitive customer information.

Improving risk management

In addition, payment data enrichment can also help banks to manage risks and comply with regulatory requirements. By adding additional information on customers’ financial behaviour, banks can improve their ability to assess credit risk and comply with regulatory requirements related to financial risk assessment and management.

Improving customer experience

Enriching payments can directly contribute to improving the customer experience by offering personalised services relevant to real customer needs. With access to accurate and up-to-date customer information, banks can provide targeted offers based on payment history and effectively segment their communication, contributing to compliance with regulatory requirements related to customer satisfaction and sales strategy.

At Wenalyze, our payment data enrichment solution uses open data to update and enrich information in real time, allowing banks to correctly categorise their customers’ payments. If you want to discover our service and make sure you are compliant with Mastercard AN4569, you can request your demo or contact us.