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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. A 2008 study
of Consumer Payment Preferences led by Hitachi Consulting found that 63 percent
of all consumer purchases are made using electronic payment methods such as credit
cards, debit cards and prepaid accounts. |
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It has been predicted that electronic payments will see an even greater spike once
mobile payments use gains wider 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:
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Account & Product Setup and Management
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Transaction Processing
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Credit Management
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Statement Processing
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Clearing and Settlement
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Exception Management
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Reports
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Customer Service
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Web Self-Service
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Multi-currency, Multi-language
THE CORECARD 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. The CoreCard 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
The CoreCard 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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