- Provides card and app-based merchant wallets linked to primary card
- API-driven services framework for merchant registration and wallet creation
- Offers instant Lending at point of purchase for prepaid cardholders
Chennai (India), 23 July 2020: FSS (Financial Software and Systems), a globally leading provider of payment products and payments processor, announced addition of innovative capabilities to its Prepaid Card Management System (Prepaid CMS) to deliver greater value to cardholders. Prepaid card issuers can now issue instant, open-loop virtual co-branded merchant wallets paired with added value services such as instant lending at the point of purchase to differentiate their card products and drive higher spend per cardholder.
In a commoditized prepaid market segment, Open APIs and banking create possibilities for issuers to realize additional value. FSS Prepaid CMS, through its advanced open API framework, enables prepaid card issuers to orchestrate customer-facing merchant ecosystems to expand the scope of services and capture new revenue streams. Card issuers can instantly provision exclusive merchant-branded wallets linked to a customer’s primary prepaid card account with a few clicks. Issuers can tap into popular spend categories to fuel a range of innovative consumer centric propositions. For example, create an exclusive merchant cashback or loyalty wallet on the fly soon after the customer completes the purchase. Likewise, a food delivery company can issue a commission wallet for home delivery associates or a meal allowance wallet in partnership with select restaurants.
Issuers, furthermore, can offer added value services such as instant access to credit to fund customer spend and drive sales. Globally, as per industry estimates, instant loans represent a $1.2 trillion opportunity and are expected to grow over 15 percent year-over-year. At affiliate merchant stores, shoppers can opt for an instant open-loop physical or virtual prepaid card, loaded with the amount needed to fund the purchase. The loan amount is for a specific purpose and issuers can define as well as monitor spend limits per merchant.
Instant lending via prepaid cards allows issuers to have a broader relationship with the customer. Prepaid cardholders can top-up cards to pay for orders, earn and track cashbacks, and access exclusive sales and offers. Customers can also obtain an additional line of credit on the same card based on terms pre-determined by the issuers, eliminating the hassle of submitting paperwork again when they shop at a different merchant store.
Speaking on the new capabilities N. Sathish, Deputy CPO FSS, stated; “Enabling customer-facing ecosystems/marketplace are the primary driver of future value creation for digital commerce, in the open banking world. By opening the FSS Prepaid CMS platform to third party merchants, we allow card issuers orchestrate an extensive digital services ecosystem, multiplying opportunities for engagement and value creation. The combination of co-branded merchant wallets with added value services such as instant lending at checkout will help issuers build a satisfied and loyal base of prepaid cardholder and improve spend per card.”
FSS Prepaid CMS advanced API-based framework supports rapid merchant enrolment, instant virtual card, and wallet creation, as well as integration with merchant IT systems. FSS Prepaid CMS platform supports the complete gamut of capabilities to manage the lifecycle of the card, with flexibility to load, delete and amend applications, enabling quick roll-out of customer-centric card programs. Currently Prepaid CMS has been deployed by leading prepaid processors globally and supports 150M cards.
For more information visit: www.fsstech.com