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CARD PROCESSING – A KEY PART OF BANKING SERVICES |
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In the United States we are slowly becoming a cashless society, and recent reports from a number of research analysts show that the pace is picking up. In a 2008 study of Consumer Payment Preferences led by Hitachi Consulting, it found that 63 percent of all consumer purchases are made using electronic payment methods. |
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It has been predicted that electronic payments will see an even great spike once mobile payments usage gains acceptance in North America. Which all leads to the question -- are your systems or those of your card processor up to the challenge of handling not only the new programs but the increased volumes? |
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ASSESS THE SYSTEMS USED TO PROCESS CARD TRANSACTIONS |
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In the last 4 years in a series of reports on the card industry, Gartner has examined many of the issues facing banks and the companies that process cards. Part of their focus was to review the current systems being used. Gartner reports some inherent deficiencies in the current card management systems. Their findings highlight the need for systems that are flexible, scalable, efficient, compliant and converged. |
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Current Systems |
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What Banks Need |
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- Rigid
- At Capacity
- Inefficient Operations
- Non Compliant
- Siloed
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- Flexible
- Scalable
- Efficient Operations
- Compliance
- Converged
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Source: Gartner June 2007 |
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Digging deeper through their findings, it appears that the root cause of many system problems lies in the fact that most card management systems in use today were built in the 1980s when mainframe computers were the only option. In today’s world, card management systems need to support the latest technologies that provide a bank or card processor the flexibility to be responsive to market and regulatory changes. |
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At CoreCard, our Research and Development group recognized the inherent limitations of the mainframe world and in 1996 began developing, from the ground up, the next logical progression in card management systems. The goal was to build products capable of running on the latest technology with an open architecture that would allow those products to run on technology that was still in the development stage. Starting with CoreENGINE the team created a foundation to support the products and solutions CoreCard offers to the payment services industry today. |
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CoreENGINE IS THE POWER THAT DRIVES CoreISSUE FOR BANKCARD |
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CoreENGINE is a fully extensible, real-time universal card management system platform that provides support to our card processing and lending solutions. Its meta-data driven architecture enables the rapid development and deployment of our card management applications. |
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Comprised of two layers, CoreENGINE’s top layer houses a library of general financial functions such as general posting and transaction processing, message types, rules and workflows, etc. These serve as building blocks for all CoreENGINE enabled applications. Component functions have been implemented in a generic fashion so that consumer and commercial lending systems beyond card-type applications can be developed on one platform. The interaction of the top and bottom layers gives all CoreCard financial applications their advanced capabilities. |
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CoreISSUE FOR BANKCARD IS A SOLUTION THAT WORKS FOR TODAY’S CARD ISSUER |
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CoreISSUE configured for bankcards manages and processes consumer and commercial bankcard accounts with support for Visa, MasterCard, Discover and American Express. |
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Table driven parameters make it easy to set up new and modify existing card products quickly. This control allows effective management of credit-based payment products for both installment and revolving lending options in a bankcard or association-based environment. |
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CoreISSUE's Bankcard functionality supports the full accounts receivable transaction flows including:
CORECARD’S SUITE OF PRODUCTS PROVIDES ADDITIONAL FUNCTIONALITY
CoreCard can provide a complete Bankcard solution as needed by adding one or more of our other products that support transaction acquiring, dispute management, collections and sales. CoreCard’s products are built to leverage the power of the shared components found in CoreENGINE.
CoreACQUIRE
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Merchant Account Management
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Transaction Processing and Settlement
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MasterCard/Visa/Private Label for Consumer, Fleet and Commercial Card Schemes
CoreDISPUTE
CoreCOLLECT
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Champion/Challenger Recovery Strategies
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Case Management (automatic case presentment and case search facility)
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Collections Automation (letters, optional dialer interface, third party collectors)
CoreSALES
CoreCard's solutions feature easy-to-use parameter-driven controls and provide the ability to set up any number or type of programs to manage transactions and accounts. CoreISSUE configured for Bankcard solution can help issuers and processors realize fast and measurable ROI, adapt rapidly to evolving market dynamics and product offerings, and attract and retain lucrative programs.
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