What is an Aggregator?Many financial institutions are prevented from offering debit cards to their customers due to payment processors not being in a position to deal with institutions that require small card volumes. In recognition of this market need, Optimus Cards agreed with one of the biggest payment processors in the world to be the single point of contact for a number of smaller financial institutions, thereby addressing the market need while at the same time achieving the volumes that payment processors are able in the normal course of business to deal with.
What service does Optimus as an aggregator provide?
- A full contact centre for all and any enquiry on the card or transactions 24/7/365
- Provides a full service on Card and Pin mailer ordering and delivery
- Provides a fully reconciled settlement notification service for the scheme
- Monitors the use of the Card and advises on mishandling or potential abuse
- Provides full Chargeback and retrieval service into the MasterCard Scheme, assuring adherence to scheme rules and regulations.
- Support and Guidance to institution working together in providing a seamless product
- Provides all the PCI compliance into the scheme, therefore alleviating any need for certification for our Customers
What is the time to Market?Assuming that there are no bespoke requirements – 2 months.
How much does it cost?Fees are changed on a regular basis to keep the product as competitive as we can – please contact us using our details on the website. The implementation fee is dependent on initial launch. But it will be lower than you think!
Can this be provided to any FI?Yes providing that the Financial Institution is regulated.
Can I have my own design of Card?Yes you can. There are fees associated with card design as dictated by the card manufacturer and Mastercard. Own card design will delay time to market by about three months. From receipt of your design (artwork supplied in correct format), it takes up to 10 weeks to complete the scheme approval process.
How long does it take for a Customer to receive their Card?This depends on your requirements for delivery but standard delivery is 5-10 days for both card and PIN advice.
How are suspicious transactions and suspected fraudulent items handled?These are dealt with under the scheme rules and Optimus Cards provides a full service to you in tracking, reporting and filing any incidents. Our system is already loaded with best practice rules as governed by Mastercard and the payment processor but we can load further rules into the system if you require any additional security.
How does settlement work?
Optimus Cards delivers a fully-reconciled service which provides notification of settlement requirements to the Sponsoring Financial Institution to ensure that timescales are met. Optimus Cards is the link between your customers and the wider gateway to the MasterCard Scheme.
Every day, Optimus Cards receives files of transactions that have taken place the previous 24 hours. Whilst your customers accounts are amended in real time, the payment of these transactions needs to be settled with the Scheme the following day. Optimus Cards as the aggregator reconciles on an institution by institution basis. A Settlement advice is received by your institution by 12 noon every day for settlement that day at 3.30pm.
The advantage of using an aggregator is that no institution has to employ a card specialist or settlement specialist — Optimus Cards takes away all the industry terminology, and makes the entire process simple and seamless.