In my Feb 12th blog, I discussed how proud we were at Finsphere to play a part in Visa’s announcement that day of its new Mobile Location Confirmation (MLC) product. MLC is Visa’s new mobile service designed to reduce unnecessary credit or debit card purchase declines, often triggered when consumers travel outside of their home area. It is offered through participating financial institutions’ mobile banking applications.
MLC uses mobile geo-location data in real time as an additional input into Visa’s predictive fraud analytics. We at Finsphere provide Visa with an analysis of the account holder’s device location data, which is then matched with the transaction location in less than a millisecond, right at the point of sale. When a cardholder’s mobile device is in the same location as the payment transaction, the issuing financial institution can more confidently approve the transaction.
In its announcement, Visa stated that MLC would be available to card-issuing financial institutions in April 2015. And unlike so many industry product announcements whose actual launch date is long after the public proclamation date, Visa commercially launched MLC at the end of April as promised.
What’s next? Visa is working hard with issuer banks to secure adoption of MLC and incorporation into their mobile apps. MLC will then be available as an optional service for bank cardholders to opt-in and receive the benefits of the service via their banking app.
Keep an eye out for your bank to announce availability of MLC in the near future. Wouldn’t it be nice to have the added security of knowing that MLC is helping to ensure that your transactions are approved when you travel this summer!
As always, we’d appreciate hearing your comments and we encourage you to stay tuned for further developments on MLC and Finsphere. Until then, we hope you’ll follow the conversation and share your views in the comments or on Twitter, Facebook, or LinkedIn.