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.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
A global survey of 200 corporate treasurers by Temenos and Ovum shows that many expect at least some banking services to relocate away from London.