Reported by: banking|Updated: August 1, 2020
FSS, or Financial Software and Systems, said it has added innovative capabilities to its Prepaid Card Management System (Prepaid CMS) to deliver greater value to cardholders. Prepaid card issuers can now issue instant, open-loop virtual co-branded merchant wallets paired with value-added services such as instant lending at the point of purchase to differentiate their card products and drive higher spend per cardholder, it said. Through its advanced open API framework, FSS Prepaid CMS enables prepaid card issuers to orchestrate customer-facing merchant ecosystems to expand the scope of services and capture new revenue streams. Card issuers can instantly provision exclusive merchant-branded wallets linked to a customer’s primary prepaid card account with a few clicks. Issuers can tap into popular spending categories to fuel a range of innovative consumer-centric propositions. Issuers can also offer added value services such as instant access to credit to fund customer spend and drive sales. N. Sathish, Deputy CPO at FSS, said by opening the FSS Prepaid CMS platform to third party merchants, the company is allowing card issuers orchestrate an extensive digital services ecosystem, multiplying opportunities for engagement and value creation. The combination of co-branded merchant wallets with added value services such as instant lending at checkout will help issuers build a satisfied and loyal base of prepaid cardholder and improve spend per card, he added.