Financial inclusion via alternative banking opportunities has opened opportunities for individuals and businesses around the globe. Yet many organizations that recognize the value of these fintech solutions have struggled to adopt them due to the lack of in-house expertise. That is especially true when it comes to white label prepaid card programs, according to Steven Foster, Founder, KnowByLity (KBL).
KBL, for its part, is a global provider of prepaid card issuing software design and management that helps clients with end-to-end white label prepaid card issuing and management. White label prepaid programs let businesses put their logo on a Visa or Mastercard as a revenue-generating and/or brand-building tool. They can include gift cards, debit cards, payroll cards, transit cards, HSA cards, and general use cards. Yet, white label programs are only as effective as the fintech behind them.
Companies like KBL offer comprehensive mobile and desktop platforms tailored to clients’ varying needs along with customer experience platforms. Their software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and compliant with all regulatory requirements for the financial services industry-specific to each geographic location.
“The banking industry of today bears little resemblance to that of a decade ago. Today, payments are largely driven by technology and informed by customer behavior,” explained Foster. “KBL helps clients keep pace and maximize opportunities by handling software development and program management to allow that to happen seamlessly.”
KBL handles the software integration to clients’ systems, program management, and call center services as well as nitty-gritty details like BIN sponsorship, cross-border and global currency functions, and sponsor bank and card vendor relationships. The importance of finding the right partner to launch a white label prepaid card program is essential, he stressed.
The statistics seem to support that assertion. Between 2011 and 2014, more than 1.2 billion people worldwide without bank accounts gained access to the financial system, allowing them to improve their own and their families’ quality of life and start or grow businesses. Prepaid cards were a significant factor in that. White label prepaid card programs, as a result, have been adopted at a faster rate, giving those businesses an additional revenue stream, a means of attracting and retaining customers, and the ability to collect data to help in developing consumer relationships.“Financial inclusion benefits everyone. KBL’s job is to make it easier for businesses to seize the opportunities presented by prepaid white label programs that are available to them,” added Foster.