Success factors for in-house card processing
I recently posted on the brand, customer and risk-mitigating advantages of bringing card processing in house. However, while an in-house card processing strategy clearly presents a set of indisputable strategic and global business advantages, there are risks to consider.
Banks need to work with their solution provider to establish a deployment strategy group to ensure critical elements of the businesses resources, strategy and IP are addressed, leveraged and protected in the creation and execution of an in-house processing system. Such a group should include key stakeholders, such as line of business, technology, operational and governance leaders.
For those considering implementing an in-house card processing strategy, the top critical system and functionality requirements include:
• Global functionality
• Massively scalable issuing and acquiring capabilities
• Proven security and proactive fraud detection tools
• An open and multi-national platform
• Highly integrated and secure transaction processing.
Banks that take these factors into account when building an integrated, consolidated and global in-house card processing strategy will be armed for success. A brand is a strategic weapon, and a robust, innovative card program is a part of this strategic arsenal.
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