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First Data India’s Prepaid Platform Wins Praises from Timetric Cards International - Part 2

This is the second in a 3-part series about First Data India’s end-to-end prepaid system that not only increased settlement efficiency across FIs, merchants and consumers, but also received a Highly Commended Award for Best Prepaid Product of the Year in APAC.

 

Developing an Agile Prepaid Framework

Noting the projected boom in consumer spending in India, First Data began with a framework that allows stakeholders to quickly and cheaply scale up to meet growing transaction processing volumes. The VisionPLUS-based platform uses a mainframe-based processing system that can handle exceptionally large volumes, allowing businesses to set aggressive growth goals without necessarily requiring future investments.

On the merchant side, the platform was developed to leverage the existing payment infrastructure — from POS terminals to processing networks — available in the APAC region. Where necessary, First Data provided merchants with customized POS terminals equipped to accept both EMV and mag stripe cards with PIN. To further enhance the merchant experience, two new terminal applications were developed to optimize acceptance and processing of prepaid cards. These applications are parameter-based and can be customized to fit the unique needs and workflows of clients and merchants. Guided by First Data’s dedicated Solution Review Board and supported by a 24/7 support team, these terminal applications provide impressively low time-to-market for compared to other customized developments.

An Empowering Web Portal

Recognizing the value of empowering all stakeholders with actionable and highly accessible data, First Data developed a PHP-based web portal to integrate seamlessly with its VisionPLUS prepaid platform. For banks and merchants, the web portal provides a wealth of transactional data in real-time, as well as robust reporting capability for MIS and reconciliation. This self-service feature enables a free flow of transaction information between banks and merchants, reducing communication issues and reducing the cost of merchant services.

For consumers, the web portal offers the familiar benefits of an online/mobile banking platform. Consumers can view transaction details, set spending limits on cards, and opt to receive SMS and email alerts. First Data developed this functionality to allow easy customization, as well as integration for clients with existing web portals. This makes the web portal an invaluable brand-building opportunity for driving 1:1 communications and a unified brand experience. 

Come back next week to learn how this end-to-end solution improved operational efficiency and reduced operating costs Financial Institutions and Merchants.