As part of the ongoing battle with fraud, Visa and MasterCard are making it mandatory for card issuers in affiliated programs to make transaction alerts available to cardholders starting in October of 2016. If card issuers do not set up alert programs on their own, the card association will provide them and bill the issuer for the cost. Since issuers will be making an investment, they might as well make sure they are maximizing their return.
Rather than viewing these requirements as an obligation or a box on a checklist that needs to be marked off, forward-thinking companies should see this as an opportunity to leapfrog their competitors and get closer to their customers.
Fortunately for our customers, i2c’s flexible, configurable Agile Processing payments platform comes with an array of alerts and card control features that enable issuers to not only comply with the Visa and MasterCard mandates, but also help them to truly engage with their customers beyond just sending basic alert notifications.
With the alert and card control features built into i2c’s payments processing platform, card issuers can quickly roll out card controls and engagement features that mitigate fraud risks and give consumers more visibility and control over their account activities:
Reduce Card Fraud with Alert Features:
Help cardholders monitor their accounts and prevent fraudulent activity with SMS texting features, push notifications, voice messages, and email. Cardholders decide how they want to hear from issuers.
Put Cardholders in Control with Card Controls:
Provide robust card controls that cardholders can set up and manage based on their preferences. Customers can also disable lost or stolen cards how they want, all while reducing issuers’ overall support costs.
Deliver Differentiated Cardholder Experiences:
Issuers can leverage contextual cardholder transaction data and insights about consumer spending to interact in meaningful ways with their customers. Issuers can build campaigns with targeted messaging focused on what their cardholders care about – that are triggered at the right time, in the right place, with the right message – even in the authorization stream.
Go-to-Market Quickly and Easily:
Because i2c’s alert and card control features are integrated at the processing platform level, they work across credit, debit, and prepaid products on any network – meaning issuers will avoid complex integration efforts and improve program time-to-market.
The i2c Agile Processing platform empowers issuers to do much more than simply comply with the Visa and MasterCard alerts mandate. i2c can transform every touchpoint into one that builds engagement and keeps issuers’ cards top-of-mind – and top-of-wallet.