Have you got a brilliant payment idea that you want to transform into reality? Are you looking for a more efficient, coordinated way to bring your solution to market?
One approach is to source and engage all the different suppliers and build an integrated technology solution yourself.
An alternative approach is to work with a Program Manager, who can offer clients an integrated solution with well-established technology and partners already in place.
Which approach you take will ultimately come down to a host of factors, such as budget, speed to market and the complexity of the project.
For those who are looking to build the solution in-house, it’s important to understand the complexity of the process and factor in resources and costs accordingly. You will need to find a BIN Sponsor and card processor to engage with and draw up separate contracts. Next comes the technology piece, which involves building a platform that seamlessly integrates all the suppliers and supports the desired payment features of the program.
The biggest challenge, perhaps, is finding the expertise to design, build and manage the complex and unique process of launching a prepaid card program. Specialist knowledge across all functions, especially Compliance, is critical to the success of your program.
ROLE OF A PROGRAM MANAGER
That’s where a Program Manager comes in. A Program Manager is essentially a team of experts who can help you design and deliver a tailored, turnkey payment solution end-to-end.
Program Managers have established relationships with a variety of partners in the payments value chain, such as a card issuer, payment network, card manufacturer and bank for settlement. In some cases, the same entity can act as both the Program Manager and the Card Issuer, as the case for Novatti through our Visa Principal Issuer licence.
On the Operational and Compliance front, Program Managers are also responsible for settlement, reconciliation and dispute handling, fraud protection, and can also assist with marketing, customer acquisition and loyalty solutions.
Program Managers have the architecture in place to support various capabilities, including digital wallets, ledger management, authorisation forwarding, real time funding and payment methods, such as DE, NPP and BPAY. Their team of experts consist of technology gurus who specialise in payments APIs should you wish to build your own mobile application or card management portal to support your program, or use a white label technology solution already built for your program.
BENEFITS OF A PROGRAM MANAGER
Choosing a Program Manager over DIY means that you will only need to manage one contract instead of several. You can bring onboard a Program Manager right from the start as you’re designing your product. Your Program Manager will support you during program implementation through to launch with ongoing support post-launch. A program can be delivered in as little as 12 weeks, and in a market that’s constantly evolving, speed is everything.
By engaging with a Program Manager, you will be freed up to focus on your core business – generating sales, building your brand, raising capital etc. Whether you’re an enterprise or a start-up, there is no need to reinvent the wheel when there’s already a turnkey solution that’s ready for your brand.
WHY CHOOSE NOVATTI?
As a leading digital banking and payments company, Novatti offers solutions across the payment value chain, from Issuing through to Acquiring (payment acceptance), Cross-border Payments, Billing Automation and a range of in-house technology services.
With an experienced team in payments, and multiple innovative solutions combined with our in-house compliance capabilities, we have the clients’ needs covered end-to-end.
Check out our How to Launch a Card Program eBook and get in touch for a payment review of your business.