SERVICES
The Symmetrex product "i24Card", encompasses a complete solution
for prepaid debit and credit card transaction processing. The
Symmetrex i24Card acquires BINs from its issuing banks required
to effect the movement of transactions across the card
association networks. Symmetrex i24Card creates cardholder
account numbers, produces plastics generation media, including
debit card PIN numbers and provides IVR support for cardholder
PIN management and inquiries.
Symmetrex i24Card also authorizes all POS and ATM transactions
presented by the card association networks, and effects
end-of-day settlement with merchant banks causing funds movement
between cardholder accounts and affected merchant accounts.
Cardholder funds are maintained in a settlement account at the
issuing bank, and cardholder funds are settled less Symmetrex
processing fees and system operator card use fees; those fees
are automatically placed in bank accounts owned by each
constituent via ACH.
Each system operator seeks to innovate in its market by
providing bundled services for cardholders, such as long
distance phone calls, wireless replenishment, healthcare
services, payroll services, and so forth. As a result,
proprietary closed-loop integration (APIs) is normally developed
between Symmetrex and its system operators or their vendors. Due
to Symmetrex's focus on stored value programs only, it builds
the required closed loop integration facilities for its
customers and, once completed, the integration facilities
effectively act as a barrier to entry for any competitor seeking
to displace Symmetrex or its reseller.
Only Symmetrex provides stored value card program transaction
processing services on current generation technology platforms -
providing the flexibility this emerging market requires. Other
processors in this market provide stored value transaction
processing services as an "also ran" to their core services of
providing outsourced banking platforms. Symmetrex proactive
approach gives its clients the technological edge in this
innovative transaction processing market.
The i24 Prepaid Card
The prepaid debit card is our flagship product. Symmetrex is
able to process both branded and unbranded cards. However, in
most markets Visa and MasterCard products are best positioned
for wide market acceptance.
The Visa and MasterCard prepaid cards are:
• Fully functional prepaid embossed or un-embossed cards.
• Issued by association member banks and processed and supported
by Symmetrex.
• Accepted over millions of merchant locations and over 1
million ATMs worldwide.
• Able to be used online by cardholder.
Both Visa and MasterCard un-embossed cards:
- Satisfy client requirements through multiple applications and
loading options.
- Provide enhanced issuer control for debit prepaid.
- Leverage on new opportunities through instant issuance.
- Increase the percentage of more profitable point-of-sale and
ATM transactions.
Each system operator seeks to innovate in its market by
providing bundled services for cardholders, such as long
distance phone calls, wireless replenishment, healthcare
services, payroll services, and so forth. As a result,
proprietary closed-loop integration (APIs) is normally developed
between Symmetrex and its system operators or their vendors. Due
to Symmetrex’s focus on stored value programs, it builds the
required closed loop integration facilities for its customers
and, once completed, the integration facilities effectively act
as a barrier to entry for any competitor seeking to displace
Symmetrex or its partners.
Only Symmetrex provides stored value card program transaction
processing services on current generation technology platforms -
providing the flexibility this emerging market requires. Other
processors in this market provide stored value transaction
processing services as an "also ran" to their core services of
providing outsourced banking platforms. Our proactive approach
gives its clients the technological edge in this innovative
transaction processing market.
Symmetrex provides cardholders with a service that combines
numerous applications into one prepaid platform. This synergy
has created a product that increases utility, customer retention
and revenue per customer.
The Symmetrex offers the following services and card types all
of which can be tied to the prepaid cards:
- Debit Card - ATM / POS Online eCommerce use
- Payroll Card
- Telecommunications
- Affinity Group Cards
- Travel Cards
- Money Remittance
- Student Cards
- Gift Cards
- Loyalty Cards
- Electronic Benefits Payment Card - Government benefits, social
security benefits, pensions payroll.
- Micro-payments
Card Loading
Symmetrex offers a variety of methods for loading prepaid cards
processed on the i24 platform. Our API enables us to easily and
securely connect to new loading partners. The ability to load
and reload the cards easily is an important benefit to the
cardholder making the card more desirable than other cards in
the market.
Currently, cards can be loaded:
- Via the Internet (card based): The Symmetrex cards to be
loaded from anywhere in the world via an existing credit or
debit card.
- Via the Internet (account based): The Symmetex API enables
cads to be loaded from anywhere in the world via an existing US
or Canadian bank account.
- At retail locations via the various networks tied to our
processing platform.
- At participating banking institutions.
- Batch file load - for payroll and other applications.
- Via the Internet via a Symmetrex eWallet balance.
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