Cloud-based solution supports service providers across all industries in offering their own debit or prepaid payment cards, linking to a mobile wallet as the source of funds
Amdocs announced the availability of its Mobile Financial Services card management system, which supports service providers across all industries, including communications, retail and financial services, in launching their own debit or prepaid payment cards. The cards can be linked to a mobile wallet, with stored monetary value, loyalty points or airtime as the source of funds. Customers who don’t have a bank account can use these cards to pay for purchases at retail point of sale terminals to withdraw cash from an ATM or for online shopping.
Amdocs’ card management system can be quickly deployed on the cloud as Software as a Service (SaaS), integrating securely with local card-manufacturing companies for card printing and distribution. The system incorporates a back-office administration user interface that manages card specifications, card product definitions and issuer identification number (IIN) ranges. The user interface also offers card ordering workflows with external card printer companies, including recording of card testing results. Application programming interfaces (APIs) enable activation of both physical and virtual cards and their association with stored value accounts, such as mobile wallet and loyalty point accounts. Card numbers issued by the system are validated each time a payment request is processed.
Patrick McGrory, president for Amdocs’ emerging offerings said, “Enabling unbanked and under-banked consumers to own debit or prepaid payment cards will empower them to join the modern digital economy and further encourage them to adopt more mobile financial services. Amdocs’ Mobile Financial Services card management system supports our mobile financial services offerings in digital banking, remittances, and digital commerce and payments markets. The ability to issue debit or prepaid payment cards, without investing in technology infrastructure or third-party systems, enables mobile financial service providers across all industries to offer a true multi-channel consumer experience, driving the growth of mobile financial services adoption and usage.”
Amdocs also separately announced today that Mynt, Globe Telecom’s fintech subsidiary, has selected the Amdocs Mobile Financial Services solution to power their new Casa service. Casa will enable Mynt to offer retailers a cloud-based, financial-grade, white-label digital money fintech platform, providing retailers with the means to offer a wide range of financial services, including closed-loop companion prepaid cards, thereby generating a new revenue stream.
