Growth in Fintech Opens Doors to Financial Inclusion, but Also to Risks, According to KnowByLity’s Platform Experts

Pandemic Boosts Interest in White Label Prepaid Card Programs, According to KnowByLity’s Banking and FinTech Experts

The global prepaid card market was valued at over $1.8 billion in 2019 and is projected to reach upwards of $5 billion in the next seven years. With growth like that, more and more businesses are adopting white label prepaid card programs to get a piece of the revenue-generating and relationship-building opportunities they afford.

The global prepaid card market was valued at over $1.8 billion in 2019 and is projected to reach upwards of $5 billion in the next seven years. With growth like that, more and more businesses are adopting white label prepaid card programs to get a piece of the revenue-generating and relationship-building opportunities they afford. Yet, with that trend comes risk, unless security and compliance are at the forefront, according to the experts at KnowByLity (KBL). And that takes deep expertise in fintech.

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KBL is a global provider of prepaid card issuing software platforms and management that helps clients with end-to-end white label prepaid card issuing and management. Complete issuing platforms let businesses put their logo on a Visa or Mastercard and can include gift cards, debit cards, payroll cards, transit cards, HSA cards, and general use cards. At the heart of KBL’s full-stack platform is laser-like attention to its backend operations to meet all banking regulations and ensure the most sophisticated safeguards. That includes things like advanced card authentication, transaction protections, personal information protection, fraud detection and management, chargeback liability management, real-time background checks, payment guarantees, and localized AML and KYC services.

“Expansion of prepaid card use provides major opportunities for businesses to get in on the associated benefits to grow their income and brand visibility. Yet, data protection has to be front and center or white label programs meant to boost businesses can end up hurting their reputations and get them in hot water with regulators. KBL has earned a reputation for its success in keeping data protected through proactive strategies and innovative tech solutions,” said Steven Foster, Founder, KBL.

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KBL also oversees software integration to clients’ systems, program management, and call center services as well as BIN sponsorship, compliance officer training, cross-border and global currency functions, and sponsor bank and card vendor relationships. All of which take savvy on the tech end.

“Our job as a prepaid card platform consulting and design firm is to design a platform that fits the client’s needs but to manage the risk and set up appropriate protections for an effective white label program,” he added. “Part of that is having an in-depth understanding of the industry itself and localized regulations as well as strong partnerships in place to ensure rules are followed.”

KBL offers comprehensive mobile and desktop platforms tailored to clients’ varying needs along with customer experience platforms. Their software solutions ensure their full-stack programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services regulatory requirements.

Read More: Triterras Fintech Reports $5 Billion in Total Transaction Volume on its Kratos Platform in the First Six Months of Fiscal 2020, Reaffirms its Full Year Projections

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