Bank technology provider FISERV Inc. announced today that has combined its ACCEL/Exchange payments network with its prepaid platform to help financial institutions more easily launch prepaid programs. The move comes at a time when banks are looking to prepaid as a new source of revenues to replace those lost to reductions in overdraft income and potential reductions in debit interchange.
As a result of this integration, Fiserv clients will be able to quickly develop and implement a prepaid card program. Program cardholders will benefit from expanded reload capabilities, including in-branch at the financial institution that issued the card, in real-time at participating ACCEL/Exchange ATMs and via Remote Deposit Capture (RDC). Financial institutions may select from a variety of program features to craft solutions tailored to their business needs. Prepaid issuers will benefit from the ACCEL/Exchange Scorecard, a tool already used by thousands of financial institutions to efficiently track and optimize the performance of their program against benchmarked expectations.
For banks, one of the issues is bringing prepaid products into the fold of their entire suite of financial services. This announcement seems to solve many of those problems by making it possible for banks to offer services to prepaid customers in the same way as they would account customers.