Information services company Experian has agreed to provide prepaid card services group Cardplatforms with its international authentication services to help the organisation roll-out prepaid cards worldwide.
Under the partnership Experian’s global verification services, Prove-ID and AutoDoc-ID, work with Cardplatforms’ prepaid card issuance network to roll-out a payroll and benefits programme to leading maritime shipping companies. Experian will provide personal data verification, fraud screening and authentication of online documents to ensure the funds go to the right individuals.
Experian added that Prove-ID and AutoDoc-ID aim both to help drive growth in the prepaid card industry and also enable organisations to comply with regulatory requirements and easily perform international cross-border commerce. Prepaid cards meet a broad range of needs and are becoming increasingly popular as an alternative to traditional banking services. The benefits of prepaid cards, such as no overdraft or transaction fees, and no credit checks, are ideal for the financially excluded who are unable to qualify for mainstream financial products and conventional bank accounts. Prepaid cards also provide a banking solution to organisations seeking to provide innovative payment solutions to customers and employees.
Financial inclusion, digital banking, omnichannel payments and even lightsabers were discussed on the second day of Money 20/20 in Las Vegas this year.
Sibos 2017 Day Two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
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Day one of the global Money 20/20 conference focused on AI and machine learning, investor and fintech partnerships and the future of robotics.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.