Page 15 - Pay Magazine

volume 10 • spring 2017
At Prepaid Financial Services, we balance our compli- ance costs by closely monitoring upstream develop- ments to address any changes that a ect our products or services. We are given su cient notice of any regula- tory changes, which in turn allows us to adapt our new innovative programs to incorporate these changes before they go live. We recognize that compliance impacts all areas of innovation; however, through
heavy engagement with our compliance team, from R&D through to launch phase, we minimize the e ects any updates/changes may have. We have invested in our compliance team and middleware solutions to ensure that all programs are regulatory- and scheme- compliant prior to rollout.
—Noel Moran,
CEO, Prepaid Financial Services
We believe investing in compliance and security creates di erentiation in our solution, allowing us to be innovative amid rising compliance costs. Protect- ing our cardholders’ identity and mitigation of risks is paramount in our company culture. At the center of our company initiatives is maximizing the balance of user experience and data security. In terms of investing, we have invested and will continue to look for points of improvement in areas such as:
• E ciency in compliance and data security
• Cloud technology, encryption and PCI certi cation • EMV and mobile payments
• E-wallet and virtual tokenization
—Chris Schattin,
senior vice president, sales and marketing, FirstView Financial
Balancing compliance with innovation is always top
of mind for us because compliance typically equates to liability. Some companies view compliance as an additional layer of innovation, but we view it as a base level of thinking that we’re constantly enhancing and building upon. While we’re under no obligation to be PCI-compliant (as we don’t directly handle credit card
data), our merchants are, so we’ve been PCI Level 1-compliant for the past decade to best serve their needs. Everything we do—all our innovations, new patents—is developed to make sure merchants main- tain their compliance requirements so that they don’t have to do any additional work when they integrate with us.
Along with fraud-detecting techniques that align with compliance regulation, we’re also investing
in areas that can help the payments ecosystem as
a whole—acquiring banks, payment processors, e-commerce platforms—the stakeholders that can impact the risk and liability of merchants. We want
to help the entire ecosystem that ghts fraud and make sure each has the right technologies in place. That’s why Kount has invested in arti cial intelligence and machine learning for more than a decade and will continue to do so to make it easier to detect fraud and grow business.
—Don Bush,
vice president of marketing, Kount
Fintech companies bring innovative new concepts to market. Many of which, by their very nature, challenge traditional nancial service models. Maintaining com- pliance in this dynamic environment requires extra attention and diligence, and naturally increased costs are associated with that e ort. Peoples Card Services invests in our compliance team by continually expand- ing its expertise through training and education
and by ensuring the team has the right technology, automation and human resources to serve our grow- ing client base of prepaid card program managers. Peoples provides comprehensive issuing services for reloadable and single-load, open-loop prepaid cards and credit cards, BIN sponsorship, regulatory exper- tise and market guidance to help card program managers establish, launch and grow card programs across Canada.
—Peter Read,
president, Peoples Card Services
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