Financial Software and Systems is upgrading the card management technology for
Mumbai, India-based FSS will convert Everlink's process for Canadian credit unions, banks, and small and medium enterprises to its Unified Card Management system. The new system will manage debit and prepaid card issuance, while also supporting transaction processing and programs for prepaid cards.
The replacement of Everlink's legacy card issuance infrastructure is scheduled to go live in the fourth quarter of 2020.
FSS plans to convert the legacy system into an API-based card management framework, which it says will simplify operations, reduce costs and mitigate risks.
“Everlink and FSS share a common vision to deliver convenient, flexible, simple payment experiences to customers," Nagaraj V. Mylandla, founder, chairman and managing director at FSS, said in a Monday press release. "We are delighted to collaborate on this digital transformation journey helping to bring more choice and innovative services to the market."
The Canadian market relies heavily on card spending and is digitizing rapidly, Mylandla added. "It is a market where FSS is deeply committed to work with partners such as Everlink to help revolutionize customer digital experiences.”
The FSS deployment would enable Everlink to migrate from its mainframe-based system to an open stack system that will manage the complete lifecycle of card programs and allows for flexibility in lining up card products and new programs with marketing trends, the companies noted.
Unified Card Management supports any card type, including instant physical and virtual debit and prepaid cards, while providing financial institutions with card controls. Built for a network of multiple banks, the system provides data security and privacy to each institution.
Member banks connected to the Everlink platform would have access to automated Web-based workflows in order to roll out card programs, as well as dashboards and seamless interface with core banking systems.
“Consumers in Canada are rapidly adopting newer payment products, such as co-badged, prepaid and contactless cards," Mark Ripplinger, president and CEO of Everlink, said in the release. "We needed a flexible solution … to respond to the needs of an increasingly competitive and changing market."
Everlink identified FSS "as a partner in this critical transformation journey" because of its expertise in large-scale products and modern solutions, Ripplinger added.
