Dive Brief:
- Fidelity National Information Services has teamed up with Visa and Mastercard for its first agentic commerce product for banks, the company said Monday. The tool will allow bank issuers “to use relevant know your agent (KYA) data and card details securely,” FIS said in a press release.
- Agentic commerce could produce up to $1 trillion in “orchestrated U.S. retail revenue” by 2030 and as much as $5 trillion globally, FIS said, citing a forecast from the consulting firm McKinsey.
- “Agentic commerce represents a next fundamental shift in how consumers interact with financial services, and our role is to ensure banks not only participate in this transformation but lead it,” FIS Chief Executive Stephanie Ferris said in the release.
Dive Insight:
The capability is expected to be available by April 1 to all FIS issuing banks, the Jacksonville, Florida-based company said.
As part of the partnership, Mastercard and Visa are aiming to allow AI agents to safely transmit transactions over their networks. Initially, they will work together with FIS on authorization, fraud and customer services for transactions, and then expand from there, the release said.
In a separate press release Monday, FIS said it completed its $12 billion purchase of an issuer solutions business from Global Payments, first announced last year, as well as the tandem sale of its ownership stake in Worldpay merchant services business to Global Payments.
It’s calling the newly added business FIS Total Issuing Solutions, noting it provides credit processing capabilities for customers’ commercial and consumer card portfolios in 75 countries. The data flowing through the business will support some of the company’s AI initiatives, the company said.
“This scale provides the data richness and processing power required to train and deploy AI models that deliver genuine business value,” the release said.
