NORCROSS, GA, August 30, 2016 – CoreCard Software, a leading provider of card management systems and processing services, today announced three new features designed to increase the ease of use and marketability for clients providing prepaid solutions to community banks and credit unions. The features include: multiple card sales with receipt, reseller hierarchy and floating teller/user support across multiple bank branches.
CoreCard’s processing solution now includes the following features and benefits.
The multiple card sales with receipt feature is an intuitive business user interface that allows for multiple card sales for the same purchaser, with varying load amounts, on the same function screen. This feature eliminates the archaic methodology of ‘re-entering’ purchaser details per card sale, thus creating improved service and greater marketability.
The reseller hierarchy feature is a multi-tier hierarchy which allows efficient operation for sellers, re-sellers and program managers or card programs. Hierarchy can be set up using a business interface, therefore making it equally accessible to business users and system administrators.
The floating teller/user support across multiple bank branches feature supports staffing and operational needs of bank and credit union branches without losing the integrity and tracking of transaction by branch. Any agent can be assigned to any branch via a business interface.
“We developed our platform to support many industries and their unique business operations. For our processing customers, it is essential to continue to offer new features with easy to use interfaces,” said Leland Strange, CEO of CoreCard. “Our platform is highly configurable with thousands of parameters used to setup unique prepaid or credit programs, without incurring customization or dedicated hosting costs. These parameters combined with our wealth of APIs, continue to make us a unique partner and allow us to assist providers or “disruptors” in a growing market.”
As a unique partner for FinTech disruptors, CoreCard’s flexible and cost-effective processing platform has one of the most extensive collections of APIs. These APIs, combined with the team’s experience, provide quick onboarding for new customers, while at the same time, allow current customers to scale and efficiently add new features.
Prepaid Market Growth
According to Mercator Advisory Group, the prepaid market will continue to grow – in 2012, roughly 12 million Americans used a prepaid card at least once a month and collectively loaded $65 billion to their accounts – double the amount loaded just three years prior. Those figures rose to 23 million users loading $76.7 billion in 2014. Mercator Advisory Group projects $343 billion loaded to prepaid cards in 2018.
Additionally, according to ICBA, Independent Community Bankers of America, while overall growth of prepaid cards is surging, largely due to the emergence of non-bank competition, community banks have yet to offer prepaid cards on a large scale. About half (48 percent) of community banks offer some sort of prepaid product, and those banks offer gift (43 percent), travel (24 percent), general-purpose reloadable (12 percent), and payroll cards (2 percent). ICBA anticipates an uptick in community banks’ participation due to overall growth of the market.
CoreCard Software, a leading provider of card management systems and processing services, offers an array of account management solutions to support the complex requirements of the evolving global financial services industry. The CoreCard® software solutions provide the market’s most feature-rich platform for processing and managing a full range of card products including prepaid/stored-value, fleet, credit, debit, commercial, government, healthcare and private-label cards as well as accounts receivable and loans. Headquartered in Gwinnett Innovation Park in Norcross, GA with additional offices in India and Romania, CoreCard is a subsidiary of Intelligent Systems Corporation [NYSE Amex: INS]. For more information, call 770-564-8000 or visit www.corecard.com.
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