In recent times, there can be no dispute that the prepaid card has become an integral component in any financial institution’s product portfolio. The rise in popularity of the prepaid card is without borders, from the banked to the underbanked, this card product is an incredibly versatile and essential means of serving a wider customer base with a greater variety of options. As a result, prepaid cards are often mentioned in discussions about the future of payments and cashless societies as one of the key payment methods gaining momentum across the globe. To ignore this type of card product is a risk for any financial institution and could significantly limit customer adoption and retention.
For financial institutions that want to offer their customers innovative prepaid card products, Compass Plus offers the TranzAxis Prepaid solution, a comprehensive solution that covers the entire prepaid lifecycle management: taking into account both the customer and market requirements to help build a completely unique service.
There are various types of prepaid cards offering numerous functions depending on their purpose: from more simplistic offerings, such as a one-time use magstripe gift card for a particular store, to more complex, such as a multi-use EMV prepaid debit card for corporate use, to more innovative, such as a virtual prepaid card issued at an ATM or via the Internet. The diverse capabilities of prepaid card products can beneft every participant in the payment ecosystem.
With comprehensive management and reporting tools, the TranzAxis Prepaid solution provides fnancial institutions, merchants and merchant networks with everything they need to develop and manage multiple types of prepaid programs to ft any customer requirement.
The solution can be deployed and configured to meet the prepaid requirements of any retail bank, credit union, retailer, ISO, prepaid program manager and local and national card schemes.