Provides Clients with Capabilities to Customize and Offer End-to-End Prepaid Card Processing
NEW YORK--(BUSINESS WIRE)--TxVia, Inc., a pioneer in processing technology for network-based payment systems, today announced it has introduced solutions to enable third parties to become processors for prepaid cards, removing past barriers to entry.
There have historically been significant hurdles to entering the prepaid card processing business, including the cost, time and risk associated with creating processing platforms. Typically built in-house from the ground up or based on licensed software, platforms have required tremendous development to meet even the most basic needs of prepaid. TxVia eliminates these impediments by offering processors a secure online environment, complete with the application development, data storage and other tools essential to developing and running multi-tenanted, massively scalable end-to-end prepaid card processing systems.
“A wide range of organizations has the opportunity to enter the prepaid card processing market and offer integrated, highly differentiated processing to their customers, serving as preferred options when compared with today’s providers,” said Anil D. Aggarwal, chairman and CEO of TxVia. “These entities include established payments and transaction processing companies that already supply credit, debit, payroll, bill payment, core banking and other processing services as well as business process outsourcing and managed services functions.
“They can leverage their brand strength, complementary products and services, and global reach to provide prepaid card processing to their existing client portfolios of financial institutions, corporations, retailers and others and, in the process, help them drive growth and hedge against softness in other business lines,” he added. “While an array of third party processors provide first-generation processing services to prepaid card issuers and program managers today, we believe that a number of them as well as other organizations are well positioned to provide the next generation of prepaid processing solutions.
“With our unique platform-as-a-service (PaaS) delivery model, we have made developing and managing robust proprietary prepaid processing platforms readily achievable, allowing organizations to leverage existing assets to create highly competitive offerings. Utilizing PaaS, we provide our clients with an integrated development environment called TxDev—a ‘platform builder’—that allows them to quickly and cost-effectively deploy processing systems entirely in-house and fully tailor them to their specific needs, ensuring unique capabilities and protection of their intellectual property.”
TxVia’s clients can create any number of customized, interoperable platforms to meet the needs of their customers across the full range of prepaid card products, avoiding the pitfalls of one-size-fits-all approaches typically in market today. Starting with a robust template library and host of optional third-party switch services, clients can define every aspect of their processing platforms—from functionality and release timing to infrastructure and service levels—allowing them to deliver to the highest levels of quality their customers expect, while operating cost effectively.
TxVia clients also can participate in the TxVia Payment Processing Developer Network, allowing them to optionally commercialize the unique capabilities they develop to third parties as well as utilize those offered by others.
The network branded prepaid card industry has gained significant traction over the past decade and is projected to continue to grow rapidly over the coming years. According to a 2009 report, Prepaid Market Forecast 2009 to 2012, Mercator Advisory Group predicts total U.S. load volume of $292 billion onto network branded prepaid cards in 2012, up 383 percent from $60.4 billion in 2008. Industry consensus is that the long-term domestic potential is in excess of $1 trillion and with the current state of the economy and near-term outlook for mainstream and nontraditional financial services, the opportunity for prepaid remains strong.
“The time has never been better to enter the prepaid card processing business,” said Aggarwal. “Building on the vertical integration we’ve enabled large-scale program managers to achieve with processing, we’re excited to be the first to enable third parties to quickly and cost effectively become end-to-end third-party prepaid card processors, whether they’re upgrading their current systems or entering prepaid for the first time.”
About TxVia, Inc.
TxVia offers the most advanced processing technology for network-based payment systems. Our solutions encompass fully integrated, end-to-end issuing, acquiring and network processing for a range of payment products including prepaid, debit, credit and hybrids. TxVia's solutions have been deployed extensively in prepaid, where the complexity of the product line and diversity of the value chains require highly customized processing platforms. As the only mass provider of custom solutions, we're modernizing electronic payments by offering unparalleled product and service quality, product manageability and configurability, platform performance and operations, client control, and cost savings. Our clients, which include some of the largest payments companies, realize significant scalability, reliability, time-to-market, economic, security and other benefits, overcoming the risks and product and service degradation often associated with other processing options.
We pioneered the platform-as-a-service (PaaS) delivery model for network-based payments as an outgrowth of software-as-a-service (SaaS). With PaaS we rapidly and cost-effectively create highly customized and fully segregated processing platforms for our clients. This approach best manages the ever-increasing complexities of payments across the various products, verticals, organizations, geographies and channels that encompass the industry. With our PaaS delivery model, clients can outsource processing to TxVia completely or bring all or a part of their requirements in-house, allowing them meaningful control over their processing--from functionality and release timing to infrastructure and service levels. Regardless of the configuration, PaaS users do not share a platform with other organizations and products, and are able to redefine the payments value chain to their specific needs.
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