FIS to Launch ‘Smart Basket’ Solution That Delivers Promotions at Checkout

FIS is set to launch a solution that will use real-time, item-level intelligence to deliver targeted promotions to consumers at checkout and allow multiple payment types to be applied in a single purchase.

This solution, Smart Basket, will deliver these capabilities by integrating the company’s real-time payments gateway, loyalty platform and filtered spend technologies, FIS said in a Thursday (Oct. 16) press release.

Smart Basket will deliver personalized rewards savings to consumers at checkout and automatically select the best payment method for each item, selecting from traditional debit, credit and prepaid cards; loyalty points; and flexible healthcare spending accounts, according to the release.

For retailers and brands, the solution will drive sales by providing a buyer-friendly experience and will provide insights into shopper behavior that can help refine future marketing campaigns and inventory management, the release said.

For financial institutions, Smart Basket will help with loyalty programs and with the detection of potential fraud, per the release.

“Smart Basket represents a significant leap forward in how money can be moved and put to work during the search and shopping experience,” FIS President Jim Johnson said in the release. “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.”

Real-time data and cloud analytics are giving merchants and card issuers new ways to say “yes” at checkout, turning what were once declined transactions into completed sales and stronger customer relationships, Johnson told PYMNTS CEO Karen Webster in an interview posted in June.

“Historically, all of the decisioning around transaction authorization sat in the risk department of issuers,” Johnson said. “The model is now being tested to be more of a risk negotiation at the point of sale.”

FIS said in August that its second-quarter revenue growth accelerated from the beginning of the year, underpinned by “momentum in banking” and by strength in digital solutions.

FIS CEO Stephanie Ferris said Aug. 5 during the company’s quarterly earnings call that banks, particularly small banks, are “looking for FIS to provide them with their modernization journey. We’ve already put all of our clients generally in the cloud.”