Ethoca Relaunches Transaction Transparency Product, Renamed Consumer Clarity™

Ethoca has relaunched and revamped its purchase transparency product for consumers, renaming the enhanced solution Consumer Clarity, according to a press release.

Formerly named Eliminator, Consumer Clarity gives consumers detailed information regarding their purchases, including itemized digital receipts, merchant names, embedded brand logos, contact information and purchase location details.

Providing consumers with detailed information helps “significantly reduce unnecessary disputes and costly chargebacks caused by transaction confusion,” the press release noted.

The solution also helps connect merchants with customers through a new channel — their digital banking apps — and can help businesses “significantly” reduce costs by reducing transaction confusion and the number of “unnecessary” chargeback disputes through an expensive, time-consuming process.

Consumer Clarity provides its detailed transaction information for over 145 million merchant locations in more than 200 countries.

A lack of purchase transparency is “one of the biggest problems in digital commerce and banking today,” Andre Edelbrock, Ethoca’s co-founder and executive vice president of security and cyber innovation at Mastercard, said in the press release. Ethoca, which aims to prevent friendly fraud and improve the digital consumer experience, is a Mastercard company.

“In today’s increasingly virtual world, [improved communication] is more important than ever,” added Edelbrock.

And while consumers are shopping increasingly online, according to a recent survey, 77 percent of consumers said they often cannot recognize transactions on their online statements — and 96 percent want more detailed transaction information, according to the press release.

And as consumers shop increasingly online, transaction confusion and resulting disputes has grown with it. Ethoca estimates that the cost of chargebacks will grow to over $800 million in 2021, Ethoca CEO Andre Edelbrock said in a recent On The Agenda discussion with PYMNTS.

“There’s a much better customer experience when we put the right information in the hands of the cardholder,” Edelbrock added. “And if that didn’t jog the memory, you put that information in the hands of a call center rep,” as the transaction information goes to the consumers’ financial institutions (FIs) and call centers as well.