Start the journey
Embracing electronic payments with FIS Integrated Payables
Transforming Financial Experiences: How to Empower Customers in the Digital Age
Rick Yuan Head of actuarial modeling and transformation, AIA Group
We needed to run a projection tens of thousands of times to come out with a range of possibilities. One solution was to purchase more hardware, but the obvious winner was move to the public cloud. The beauty is you can tap that capacity when you need it and switch it off when you’ve finished the calculation.
KINGS COUNTY OFFICE OF EDUCATION LEFT THE CHECK BEHIND WITH MOVE TO VIRTUAL CARDS
Empower Your Financial Institution to Create Better Customer Experiences
Kings County Office of Education oversees 13 school districts in Kings County, CA which operate their own accounts payable (AP) departments. Each of these departments keyed their payment information into a central accounts payable system. The central accounts payable team then executed payments weekly. This was an operational burden from a check inventory, printing and mailing cost standpoint as well as on staffing. The agency learned that there was an alternative to ACH payments — virtual cards. Virtual cards are single-use, unique card numbers with fixed credit limits that are set based on a given company’s payment instructions. Companies can use virtual cards in lieu of paper checks to securely pay invoices and AP disbursements either online or over the phone. They settled on Integrated Payables because it offered the ability to convert checks to virtual cards through a comprehensive vendor enrollment program, along with the ability to make a card payment for the exact amount so they wouldn’t run into any reconciliation issues. Plus, it reduced the time the AP staff spends on printing and mailing checks, freeing them to focus on strategic projects.
With so much costly, inflexible IT to manage, your on-site infrastructure could be holding you back.
Did you know?
“By migrating checks to virtual cards via Integrated Payables payments platform, we have been able to migrate 17 percent of the checks we targeted for conversion to virtual card. We have also been able to reduce our payment processing costs and are earning an average of $100,000 in annual rebates.”
Reduced annual check printing and mailing costs by $2,300 Reduced number of inbound calls from vendors to one to two calls per week Improved reconciliation Improved security, control and risk migration Streamlined processes Improved operational efficiencies
RESULTS
- Jamie Dial, Director, Business Service, Kings County Office of Education
Many financial institutions today look at payments as simply moving money. FIS® looks at payments as an end-to-end strategy for your financial institution to be top of wallet and top of mind for the consumers you serve. A payments platform today is table stakes. The objective is to implement a strategy with the embedded tools to not only move money quickly and efficiently but to also engage your consumers on all fronts. Engagement in a relationship that encompasses card controls for the best experience, loyalty that rewards behaviors and deepens relationships and a network to drive NII/net interest income, all to move money fast and efficiently with the security that reduces and eliminates risk for your consumers and your institution.
Reduced payment processing costs Reduced annual check printing and mailing costs by $2,300 Reduced number of inbound calls from vendors to one to two calls per week Improved reconciliation Improved security, control and risk migration Streamlined processes Improved operational efficiencies
2
contents
A Payments Network That’s Good for You and Your Members
9 Culiance
The Payments Network to Fuel Innovation
8 NYCE
Loyalty for Debit With Zero Liability
7 Loyalty Engagement Solutions
Loyalty, packaged to meet your needs
Enhance Your Customers’ Card Experience
6 CardPro
Streamline and Optimize Your Debit Card Management with a Flexible, End-to-end Platform
5 Debit Services
A Modern Card Platform for a Digital World
4 Credit Services
The Premier Interchange Program for POS Transactions
10 Debit Edge
11 Debit Edge
Safer and more convenient payments
12 Prepaid
The foundation for modernized payments
11 Open Payment Framework
12 Open Payment Framework
Safe and convenient payments
13 Prepaid
Credit Services
Jonathan Silverman Director of insurance solutions, Microsoft
Insurers are recognizing the value of having access to unlimited compute capacity for risk modeling and . . . making substantial cost savings with infrastructure related to the risk modeling workload.
"Given the special knowledge and skills required for our print operations, the right decision for us was to shift this work to a payments expert.”
4
- Susan Cotto, Senior Analyst, Pepsi Bottling Group
Lowered overall cost to produce checks and W9s by about 25% Freed financial operations staff to focus on other areas; while 2.5 full-time people were required before, now only three-quarters of one person’s time is needed to manage internal check handling processes Automated full-service vendor commission payments, printing commission information on check stubs and saving PBG 200 man-hours of labor in the process
Payments One Credit Services is the modular, private, cloud-based platform that empowers issuers to direct their digital destiny, while lowering costs, reducing compliance and IT burden. Choose how to plug-and-play based on your growth strategy and pay only for what you need. You’ll easily connect to new schemes and a superset of global payments and quickly respond to operational and regulatory demands. All with the support of experts who’ll make sure your cards claim the top spot in every type of wallet.
Insurance companies are more aware than ever of the wealth of information at their disposal. Their ability to extract value from data using advanced analytics has become critical to competitive advantage.
For actuaries, the pressure is on to gain greater insights from big data and rapidly transform modeling results into business intelligence.
“Given the special knowledge and skills required for our print operations, the right decision for us was to shift this work to a payments expert.”
With Payments One Credit Services, you have access to the features and functionalities you need to tailor your offering to your customers.
Tailor your card offering with ease. With Payments One Credit Services, you have access to the features and functionalities you need to tailor your offering to your customers Quickly pivot to keep pace with innovation. Payments One Credit Services single user interface and 500+ APIs enable you to compete with anyone. An event broker functionality ensures external systems are notified when there is a change to the platform, and open architecture enables easy integration with the rest of your ecosystem Pay for only what you need. Lower total cost of ownership (TCO) with Payments One Credit Services’ transparent pricing, which includes mandated compliance changes Enhance transparency. Because our user-friendly interface provides an overarching view, you’ll be more connected to the intricacies of your card business than ever before Enrich functionality. Monitor and report performance in real time and take advantage of unique value-added services designed to grow customer loyalty or minimize chargebacks and fraud costs. Connect to all major schemes. This breadth of reach empowers Payments One Credit Services clients to extend and streamline services in different regions and reduce compliance burden associated with scheme changes, from a single version of code and a unified platform
Tailor your card offering with ease
Payments One Credit Services single user interface and 500+ APIs enable you to compete with anyone. An event broker functionality ensures external systems are notified when there is a change to the platform, and open architecture enables easy integration with the rest of your ecosystem.
Quickly pivot to keep pace with innovation
Lower total cost of ownership (TCO) with Payments One Credit Services’ transparent pricing, which includes mandated compliance changes.
Pay for only what you need
Because our user-friendly interface provides an overarching view, you’ll be more connected to the intricacies of your card business than ever before.
Enhance transparency
Monitor and report performance in real time and take advantage of unique value-added services designed to grow customer loyalty or minimize chargebacks and fraud costs.
Enrich functionality
This breadth of reach empowers Payments One Credit Services clients to extend and streamline services in different regions and reduce compliance burden associated with scheme changes, from a single version of code and a unified platform.
Connect to all major schemes
Solution Page
Debit Services
5
Debit card portfolios are under pressure from both a revenue and expense standpoint if they cannot unlock the value their card portfolios with a holistic view across payments that accelerates market response to new innovations, increases market share and delivers unmatched functionality at a lower total cost of ownership (TCO). No matter where you are in developing your card program, FIS offers the necessary tools, with future capabilities when you demand them.
Eliminate the burden of separate loyalty, fraud protection, ATM servicing, card production and network service systems.
Simplify your debit card management
Give your cardholders the seamless, digital-first experience they expect.
Gain digital capabilities
Use cardholder data to develop programs, products and offers that give them more of what they want.
Understand data
Proactively prevent threats and improve straight-through processing with enterprise-wide fraud, risk and compliance capabilities.
Reduce risk
Cardpro
Maximize operations and cost efficiency
6
Our consultative approach ensures close logistical and fiscal management of your critical card programs.
Migrated a portion of payments to virtual cards Achieved ROI in the first 30 days Earned monthly rebates Outsourced check printing and mailing Improved operational efficiencies Increased vendor satisfaction
FIS® CardPro provides credit card manufacturing and debit card production in a cost-efficient print-on-demand solution, with choices of materials, customization and fulfillment options. Plus, with CardPro Connect you get a web-based application for card production, personalization and fulfillment that goes beyond just reporting. Self-sufficiency, responsive cardholder servicing and streamlined card program management is achieved through a simple-to-use interface that pushes your critical data to the forefront.
While handling both routine inquiries and custom requests, gain valuable insights for strengthening your program.
Take control of servicing
Based on card tracking milestones, fully engage customers and analyze trends for continual improvement.
Enhance the cardholder experience
Loyalty Engagement Solutions
Our mission is to help you transform the traditional rewards experience into a loyalty solution that generates brand advocacy and increases customer lifetime value across your entire product suite. The Loyalty Engagement Solutions packages are designed to serve financial institutions of all sizes. From the local community to top-tier national brands for banks and credit unions. Recognize, differentiate, and activate engagement experiences without additional fees. Whether your rewards currency is cash or points, our flexible scoring platform can support how you choose to reward card spend.
Show that your loyalty program delivers real value, giving cardholders a reason to choose your card every time.
Increase card use and loyalty
Make it easy for cardholders by displaying offers when they pay with their card – no sign-ups or apps required.
Eliminate redemption hassles
Help merchants increase spending per transaction and drive more card usage for financial institutions.
Drive incremental revenue
7
A custom program offering that is white-labeled for your financial institution, our best-in-class product bundle reviews your cardholder base across the entire product suite, down to the account level, to identify and optimize targeting and increase the lifetime value of each cardholder.
Premium
The same end-to-end loyalty solution, personalized to match the financial institution’s experience; a seamless integration that places loyalty at the core of the cardholder experience.
Personalized
Designed for ease and convenience. Our end-to-end ScoreCard® branded platform offering enables our loyalty solution within a financial institutions’ existing banking experience.
Turnkey
Designed for starter cards and debit programs, this is a consolidated package that simplifies the loyalty offering with merchant-funded earn and a compact redemption suite to incentivize loyalty at a lower cost.
Offers Only
“Virtual card rebates have more than offset check printing costs and have allowed our AP department to generate revenue that goes directly to our bottom line.”
8
- Andy Abbott, Asst. Controller, Russell Sigler Incorporated
Allows cardholders to swipe their rewards card at the gas pump and earn instant savings as the gas price rolls back.
Premium Payback
Donate points for a good cause to one of the 1.2M non-profit organizations.
Charitable giving
NYCE
Benefits of NYCE participation:
Consistent strategic focus on meeting your needs Industry-leading interchange rates on point-of-sale (POS), eCommerce and on-demand payments A wide range of payment services, with and without a PIN, supporting multiple form factors from cards to wallets and wearables Easy implementation – NYCE already connects to every financial institution processor in the U.S. and Puerto Rico, streamlining the implementation process Complimentary marketing support materials
NYCE Payments Network®, LLC (NYCE), an FIS company, is the strongest network partner to enhance the power of your financial institution’s brand and optimize net revenue, innovation and service for you and your customers. NYCE’s strategy is to deliver real-time payments within a secure, flexible payments infrastructure tailored to meet the evolving needs of financial institutions. NYCE is distinguished by a long-standing culture of thought leadership, proven by numerous “firsts” in payments throughout its more than 30-year history. As a FIS company, NYCE is supported by the most complete suite of payment solutions available, and FIS’ worldwide employees are passionate about moving our clients’ business forward. With NYCE, capitalize on the efficiency, consumer convenience and security of electronic, real-time payments.
Culiance
CULIANCE® Network (CULIANCE) is the payments network partner dedicated to enhancing the power of your credit union’s brand and optimizing net revenue, innovation and service for you and your members. CULIANCE helps you meet the competitive demands of the dynamic electronic payments arena by delivering affordable, state-of-the-art products, services and solutions to keep your credit union at the center of your members’ payment experience. We deliver real-time payments within a secure, flexible payments infrastructure tailored to meet the specific needs of credit unions. CULIANCE is committed to the very same cooperative principles and service-oriented philosophy on which credit unions are founded. Powered by FIS, CULIANCE is supported by the most complete suite of payment solutions available.
Consistent strategic focus on meeting credit unions’ needs Superior net economic value on point of sale (POS) for credit unions with DebitEdge (powered by NYCE®) An expansive, nationwide network of surcharge-free ATMs A wide range of payment services, with and without PIN authentication Easy implementation – CULIANCE already connects to every credit union processor in the U.S., streamlining the implementation process Complimentary marketing support materials
Benefits of CULIANCE Participation
Join CULIANCE and capitalize on our focus on credit union members for convenient, reliable electronic real-time payments.
9
Debit Edge
10
Culiance DebitEdge™ is the Premier interchange program for POS transactions (including PIN and PINless), e-commerce and on-demand transactions powered by the NYCE® Network , an industry leader in POS interchange as evidenced in the Federal Reserve’s annual Payments Study. Culiance DebitEdge™ delivers high interchange revenue with low transaction costs. The number of POS locations in the U.S. continues to grow with the deployment of more PIN accepting, EMV compliant terminals. Currently, over two million retailer locations are available to your debit cardholders via the DebitEdge program.
Offer efficient, secure and member-convenient electronic, real-time payments.
Deployment of leading-edge industry enhancements such as tokenization and contactless technology to augment the organic growth of POS locations.
New sources of transactions and more revenue
Ubiquitous acceptance at PIN accepting locations (2M+) Growing footprint in PIN-less Coverage in all 50 states
Greater network approval rates
Generates more in interchange revenue per transaction than the next highest network.
Higher interchange and competitive fees
OPEN PAYMENT FRAMEWORK
INCREASED EFFICIENCY
OPF gives you
11
Drawing on our deep industry knowledge, decades of experience and expertise in instant payments and cloud-based solutions, the FIS Open Payment Framework provides a flexible foundation for an expanding array of pre-built payment modules. With OPF, multiple payment products can be plugged in to quickly deliver operational solutions for:
U.S., RTP, FedNow, UKFP/NPA, SCT Inst, P27, MYRPP, NPP, HK, FP, SG FAST, etc.
INSTANT PAYMENTS
Fedwire, CHIPS, EBA EURO1/STEP1, TARGET2, CHAPS, etc.
HIGH-VALUE DOMESTIC PAYMENTS
NACHA, SEPA, P27, EFT, BACS, etc
ACH PAYMENTS
SWIFT Correspondent Banking, Ripple, Visa B2B
INTERNATIONAL PAYMENTS
Credit Transfers, Direct Debits, Single, Bulk
PAYMENTS ORDER MANAGEMENT
OPEN PAYMENT FRAMEWORK (OPF)
Access next-generation technology for all your payments needs, servicing traditional and newworld needs with one solution. Built on ISO20022, our off-the-shelf solutions are production-ready while delivering future-proof capabilities to meet the next evolution in payments.
INNOVATIVE TECHNOLOGY
Our future-built platform for overlays is enveloped with APIs and provides deployment options to match any requirement – on-premises, hosted or hybrid.
PREPAID
13
FIS prepaid offers convenient ways to pay, access funds, and make purchases. We are uniquely positioned to drive consumer behavior through targeted spend solutions – those that drive spend back to your business, or simply improve outcomes. FIS offers flexibility to meet your needs. As with other FIS solutions, there is no one size fits all approach. FIS allows our partner to control what gets approved, down to the UPC level.
Filtered Spend takes spend control to the next level, offering UPC level adjudication through FIS’proprietary merchant participation network., With Filtered Spend, you can ensure funds are directed toward products or habits your organization wants to encourage.
Prepaid Filtered Spend
All Business Suite solutions can be fully client branded experiences, designed for your success. As an added benefit, Business Suite solutions are fully Program Managed, meaning your business can focus on what you do best.
Prepaid Business Suite
The program management model allows organizations to launch a prepaid program without prepaid expertise or sponsor bank. This allows the customer to focus on their core business and leave the complexity to FIS.
Prepaid Program Management
Direct Processing allows organizations to own the full product life cycle and select the network, issuing bank, fulfillment house and other vendors. The platform offers many configurable features that can be incorporated in a ‘plug and play’ manner. This flexibility caters to a wide range of program types to fit the desired needs of the sponsoring organization.
Direct processing
PREPAID SOLUTIONS
12
We’ll handle the technology so you can concentrate on what you do best
With all of these functions in place, wrap your strategy with marketing and communication that is personal to them and their behaviors that will drive satisfaction and engagement. Engagement to increase transactions, improve account penetration and products per household/consumer, and increase interchange. This peace of mind with your consumers establishes their trust in you to hold their money and be the financial resource they need and want.
Conclusion
CONTACT US
For more information,
©2024 FIS. FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2507514
linkedin.com/company/fis
twitter.com/fisglobal
www.fisglobal.com/contact-us
About FIS
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
Insurance Risk Management without Compromise
