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Directing dollars into specific spending channels can benefit consumers, program managers, and payments companies.
FIS has been providing filters for government programs for some time, and it is now expanding the technology so that it can be used for other applications. Most card filtering today is either done on closed-loop networks, or is based on wider criteria like merchant category codes. In the latest episode of the IPA Payments Pod, we talk with Deirdre Ives, general manager of prepaid at FIS, about how filtering works, how it has been used, and where it might go in the future. The company plans to offer filtered cards that will eventually be able to filter transactions down to the product level. These programs would run on open networks so the cards could be used at multiple merchants. This would allow for new types of benefits and budgeting programs, such as wellness programs where a card could only be used at gyms or for healthy foods. The technology could open up new types of programs ranging from health and wellness to travel budgeting. Payments don’t happen in a vacuum. Understanding the context around transactions can mitigate the risk of fraud.
In the latest episode of the IPA Payments Pod, we present the edited audio portion of a Webinar that we held with Deep Labs' Vice President and payments industry veteran Tia Ilori. She described how Deep Labs uses people, processes, and technologies to identify suspicious behavior that may otherwise go undetected. While companies have fraud detections systems that serve them well, the roller coaster of events over the past few years have brought new risks and new attempts to circumvent defenses. We discussed how the events of the past few years have changed the patterns of people’s behavior and how to keep up with the changing times. The ability to keep up with cardholder behavior can determine whether or not a company’s card is at the top of the cardholder’s wallet when it comes time to make a big purchase. It can also determine whether or not a portfolio will be safe from criminal looking to use chaos as an opportunity to circumvent defenses. Listen now! A busy fall lies ahead for payments regulation: find out why in IPA’s September Government Update9/15/2022
August is supposed to be a quiet month in Washington DC, but this year, it was just the prelude to what promises to be a busy autumn.
In the latest episode of the IPA Payments Pod, the IPA’s CEO Brian Tate, and Chris Stromberg, IPA’s head of government relations, talk about where things stand today and what will shape the payments ecosystem in the months to come. They talk about the philosophical approaches the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are taking towards fintechs, the midterm elections, and ongoing lawsuits that may shape the industry. The IPA would like to thank its member sponsor Netspend for its support of this podcast. If you want to keep up with what all of this means for your compliance obligations, then join the IPA on September 29 in Chicago for our 2022 Compliance boot Camp. Learn more and register today at: 2022 Compliance Boot Camp (ipa.org). To attend the IPA’s reception at Money 2020, register at: Money 20/20 2022 Event | Money 2020 RSVP Blank (stinsonnews.com) |
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