BofA Taps Merchant Data to Boost Payment Approval Rates [Video]

Issuers and merchants must work together to ensure that the merchant makes the sale, and the issuers want their cards to be top of wallet.

Amy Pierce, managing director of merchant engagement at Bank of America, told PYMNTS that to get to that optimal state, data sharing must take place and collaborators must be aware that the payments are themselves shifting.

“We’re seeing a rise, of course, in card-not-present (CNP) transactions and a significant increase in eCommerce … at Bank of America, we’re seeing a 7.5% increase in debit CNP volume year over year,” she said.

Against that backdrop, merchants queried by the bank said approvals and declines were top of mind for their businesses, Pierce told PYMNTS.

In the meantime, the data that’s so essential for a smooth payments experience remains siloed. Merchants have information on customers, issuers …