Have you ever looked at your bank statement and thought, “What the *** is that transaction!?” If so, you are not alone. For too long, banking customers had unclear and often hard-to-read transaction details that made it hard to keep track of their spending.
This problem is becoming obsolete with Mastercard’s AN 4569, a regulation that brings clarity and transparency to transactions.
What is Mastercard AN 4569?
Mastercard introduced AN 4569 with a simple goal: to improve the transparency of transaction data for cardholders. According to a study from 2020, nearly 96% of consumers wanted clearer information to help them identify purchases, and around 25% of disputes might not have happened if the details of the transactions were clearer.
In essence, the regulation states that card issuers must provide more details on transactions, including:
- Merchant Name: Banking customers will no longer receive strange names like “XYZ STORE 12345” in their transaction overview; now will know exactly who they paid.
- Merchant Logo: A visual hint to helps customers quickly recognise the merchant.
- Business Address: The physical location of the merchant so customers can cross-check their purchases, reducing risk of fraud.
- Contact Details: Phone numbers or website, making it easier to reach the merchant if needed.
These enhanced data points aim to reduce confusion, minimise problems, and, most importantly, build trust between banks and their customers. It’s all about making sure customers know exactly what they paid for, who they paid, and where.
Why Does It Matter?
At the core, Mastercard AN 4569 is about giving consumers more control and clarity over their finances. With clearer transaction details, cardholders can quickly identify purchases without second-guessing themselves or jumping through hoops to get more information.
This does not only benefit consumers. Banks and merchants also stand to gain from reduced chargebacks. Chargebacks generally result from non-authorisation for a transaction, and these often happen because customers can’t recognise what they bought. In 2021 alone, chargebacks were expected to reach 615 million globally. By clarifying transaction data, AN 4569 helps reduce unnecessary disputes, saving both merchants and banks from financial and reputational damage.
The Bigger Picture for Banks
For banks and financial institutions, complying with AN 4569 is not just about avoiding penalties. It is about improving the customer experience and building long-term trust. When customers feel confident about their transactions, they’re less likely to raise disputes and more likely to stay loyal to their bank.
But compliance doesn’t stop at just meeting the regulatory requirements. Banks have a chance to differentiate themselves by offering advanced enrichment of transactions and hyper-personalised services. The bank of the future will not only provide merchant names and logos, but will provide personalised recommendations tailored to their customers’ financial habits. This proactive approach is what the most innovative banks are striving for.
How Can We Help
Meniga not only helps your financial institution comply with Mastercard AN 4569, but enables you to go even further. Our world-class Enrichment engine goes far beyond simple merchant details, providing highly accurate categorisation across any location, geolocation for added context and verification, subscription identification, and even carbon footprint tracking. With Meniga, banks can offer their customers not just clarity, but value.
Mastercard AN 4569 is more than just a compliance checkbox; it’s a crucial step toward more clarity and trust in the financial world. Whether you are a banking customer fed up with puzzling bills or a merchant who is tired of chargebacks, this new rule is a win for all sides.
Are you ready to take your bank to the next level? Contact our team!
