Integrated Banking Software Support For Prepaid and Refillable Open Loop Debit Cards or Visa™ & MasterCard™ Credit Cards

ARMnet Integrates with Open Loop Providers to Bring New and Innovative Prepaid Credit and Debit Card Solutions to our Global Customers.

Since the introduction of Debit Cards in Canada acceptance by consumers as a solid alternative to other payment options has been significant. Enhancements to Stored Value Cards have more recently entered the market through the introduction of Gift and Loyalty Cards. Further enhancements here with respect to Open Loop card technology has allowed us to offer additional benefits to the financial institutions we serve and their respective customers.

Unlike the “closed loop” cards which are available in the market from merchants (Used exclusively at their locations), these "open loop" cards are accepted throughout the Interac®, Visa™ and MasterCard™ networks. This allows customers to use these cards at any Point of Sale (POS) or ATM in the network (that’s over 900,000+ ATMs in over 120 countries). Offering flexibility in payment processing services to individuals and businesses alike, open loop prepaid card technology enhances the relationship between the financial institution and/or the client company (the card issuer) and consumer/employee (cardholder) by providing options to those who don’t use traditional payment options.

Coupled with cutting-edge technology, and superior system infrastructure, together with our strategic partners, Communiteq Systems Inc and SelectCore™, ARMnet Integrated Banking and Financial Product Management Solution allows us to provide individuals and companies with flexible prepaid solutions in preloaded and reloadable debit or credit cards that are safer and more secure than cash or cheque payments.

eTM™ Electronic Transaction Machines

We can further extend these card offerings to our clients through the Communiteq Systems Inc eTM™ or Eletronic Transaction Machines. These multipurpose ATM's are also certified with Interac™ and MasterCard® to provide instant issuance of refillable open loop cards. These eTM units are the only one's certified in Canada for both ATM cash dispensing and point-of-sale (debit and credit) transaction processing, and it has recently been certified and deployed in the US.

When integrated with ARMnet technology we are now providing the ability for clients to apply online through an eTM for a Payday Loan, or to cash a cheque as well. The machines allow us to connect back to a call centre and provide a full experience with a loan officer via VoIP handset and webcam. This allows us to extend the footprint of a Financial Institution to the virtual structure unlike any other solution in the Canadian marketplace.

The result is a multipurpose system that can generate more transactional revenue fromn the same space than any other standard ATM machine. For more information on the machines download the Q15 eTM Product Brochure here.

Open Loop Prepaid Cards

Stored Value or Prepaid Cards create highly reliable and scaleable solutions, enabling organizations to meet the demands of their employees, vendors and customers. These solutions are quickly becoming the choice for payments in Canada, the United States and Europe. This new open loop card technology is being applied to a wide-range of payment cards including:

• Incentive Cards,
• Rebate Cards,
• Payroll Access Cards,
• Prepaid MasterCard® or Visa® Cards
• Home Equity Lines of Credit (HELOC) Cards
• Health Spending Account Benefit Cards,
• Teen Product or Service Cards,
• Merchant Spending Account Cards,
• Bill Payment Cards,
• Travel Cards,
• Government Assistance Benefit Cards,
• Transit Ticketing,
• Event Ticketing.
  

The benefits and flexibility of these card options allow customers to access their cash immediately and use them at any ATM or POS terminal across Canada, the United States or Europe. As a result of the ease of use in these geographic areas they have provided consummers with a greater level of functionality within the card. In doing so they allow financial institutions to provide a credible payment process alternative to both commercial and retail banking clients extending the value well beyond the standard Debit card or closed loop gift or loyalty card.

This product is designed to support financial products from originators that provide increased account holder convenience and access to lines of credit through a card. For example, mortgage originators may wish to provide ‘real time’ access to a home equity line of credit through an open loop card.

Features

• LOC Originator branded open loop cards are accepted at ATM's and POS terminals.
• This can be used to access a fixed line of credit as a portion of the revolving line.
• One or more cards can be associated with one or more revolving line of credit accounts.
• The platform can support a prepaid, or batched settlement funding model
• Supports multiple customer portfolios each with their own version of the card product.
• Supports multiple funds sources, each mapped to a customer portfolio.
• Interfaces to originators’ incumbent customer and investor account management processes.
• Fraud and risk based issuance and authorization rules co-managed with the HELOC originator.
• Sponsor bank for issuance and settlement can be provided.
• Web, IVR and mobile account and card holder access and support provided
• Aggregated settlement on net positions minimizes a customers bank service charges.
• The card products designed with LOC originator through a clearly defined professional services process to determine the best options for your needs.
  

The acceptance of these cards in Canada, the USA and Europe has been significant. At Axcess Canada we have answered the call by integrating with key partners that provide unprecedented options for card issuance and management in this area.

ARMnet Integrated Prepaid Debit and Credit Card Issuance Benefits

• "Real Time Environment" that includes real time reporting, real time card issuance, and real time payments controls.
• "Flexible Fee Administration" supporting split, variable and other fee compensation models for both the financial institution and card services. This is required for supporting channels to market and the associated reselling arbitrage.
• "Pre-Emptive Compliance Monitoring" in which the card side solution includes regulatory compliance support in a rapidly changing environment.
• "Unified Risk Management Solution" across both the back office account and the cards issuance and authorizations through a separate business logic layer that can be monitored and adjusted easily by a Business Analyst.
• "Dual Issuance Outsource Platform" for the implementation of a second card issuance program by Financial Institutions that will allow them to create unique programs that offer clients alternatives to obtain both VISA® and MasterCard® from the same institution.

For further information on Axcess Canada, the ARMnet Integrated Banking Software or to arrange a demonstration of the solution please contact us via email at armnetsales@axcesscanada.com or by telephone at 1-705-719-5660.

ARMnet Financial Product Management Solutions –
“Tomorrow’s Financial Product Management Solutions, Here Today.”

© 2010 Axcess Canada Inc.