FIS Says Purchase Data Will Push Payments Beyond the Transaction
Watch more: What’s Next in Payments With Jakob Harrison of FIS Jakob Harrison said he does not buy the idea that payments executives should spend their days looking over their shoulders. There are too many things to look at. Artificial intelligence is advancing. Agentic commerce is taking shape. Consumer expectations are moving with technology. Competitors […] The post FIS Says Purchase Data Will…
Jakob Harrison, senior vice president of payment networks at FIS, cautioned against viewing every development in payments as a threat. He explained that the pace of change, particularly the rapid introduction of new technologies and the evolving expectations of consumers, requires companies to move swiftly. Focusing solely on threats could hinder decision-making.
Harrison emphasized the importance of discerning which market trends and competitor moves are truly consequential, rather than being overwhelmed by scattered data points. He highlighted the growing demand for more than just reliable and scalable transactions, calling for easier, more contextually relevant interactions. FIS is addressing this by moving from simple transaction processing to transaction intelligence, which involves providing more detailed information about purchases.
FIS's Smart Basket™ is a network that offers item-level data, adding context to transactions and enabling a more intelligent commerce experience. This shift requires companies to be strategic about where they aim to go and to adapt their strategies based on evolving signals, rather than reacting to every change.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
