We asked Barry Thirkell, Senior Business Development Manager for Cashflows’ Issuing, about some of the opportunities in BIN Sponsorshop today.
Could you give some background into BIN Sponsorship on the issuing side?
The BIN Sponsorship market has always been dynamic and this shows no sign of letting up. Driving the change are increasing customer expectations, evolving technology and revised regulation, particularly the provisions around open banking and PSD2. Moreover, the international reach of digital payments and banking, and the demand to move funds via international schemes remains strong, especially for prepaid and debit.
Prepaid meets the needs of businesses looking to manage payroll, employee expenses, luncheon vouchers or incentives — government disbursements and social care are two huge public sector use cases. However, irrespective of funding source or use case, Programme Managers want the same things. They want to test, launch and scale quickly. They want minimum form-filling, documentation and collateral requirements, whilst focusing on delivering the best user experience and improving programme performance both commercially and operationally.
What is the Cashflows’ issuing BIN Sponsorship proposition and what makes it different?
Our proposition is simple: as full scheme members we are able to sponsor our customers to enable them to issue cards, allowing them a quick and convenient alternative to them joining the international card schemes directly. We currently facilitate Mastercard and Visa transactions (and can work with other schemes if required), effectively cutting the cost and complexity of the process, whilst improving speed-to-market for our customers.
We’re transparent on scheme and other associated fees and facilitate through clear settlement reporting with full itemisation of all costs. We’re also competitive on price. That’s because we tailor our offer to each programme. We support our customers and partners to optimise the performance of their programmes, which in turn drives benefits for everyone.
We’re supplier agnostic; if you’d like a referral to one of our processing or card manufacturer partners, we’d be happy to help. Because we’re agnostic, we’re able to work and integrate with pretty much whomever our customers and partners choose.
Lastly, we’re also experienced. Our dedicated, in-house team have the knowledge, skills and expertise to guide you through the often-complex world of BIN Sponsorship.
What does the future hold for issuing BIN Sponsorship?
The future is exciting for issuing BIN Sponsorship, particularly in the prepaid sector. Where reloadable prepaid cards were once perceived as products for the underbanked, this is not the case today. Prepaid has gone mainstream and its benefits are being appreciated by fully-banked consumers. Functionality has also increased; digital and mobile features, controls, alerts and loyalty applications now enable all types of personal finance or corporate use cases. So much so, that prepaid increasingly serves as the infrastructure for FinTech innovation.
To find out more about Cashflows’ issuing BIN Sponsorship, get in touch with me today.