Prepaid Program AnalysisExamine every aspect of your prepaid program, identify its weaknesses and recommend appropriate remedies.
How do negative balances occur on prepaid cards?
Do I need to issue EMV cards? and If so, how does this affect my liability and consumers?
How do I protect my prepaid card program?
All too often, companies wait until they experience a harmful event – such as fraud, higher than average negative balances, or an unexpected bank audit that they aren’t prepared to handle – before they perform a comprehensive analysis of their prepaid program. In these cases, the companies are under intense pressure to have an independent analysis performed, which is an unpleasant and expensive situation that can often be avoided by having a prepaid program analysis performed on a proactive basis.
Conducting a periodic analysis of your prepaid program provides many benefits including: reducing ongoing program costs; reducing program risk and optimizing a program’s profitability. Double Diamond Group Prepaid approaches program analysis by conducting three specific analyses:
Review Of Your Current System.
A review of your current system may reveal many areas to increase efficiency and profitability. Our analysts will carefully scrutinize your prepaid program financials and provide an in-depth audit of financial and risk management controls. Here are a few ways we address financial and risk management issues to improve your prepaid program’s profitability: Create of a detailed financial model to identify exactly where the money flows.
- Examine your system to ensure the right data is captured for proper portfolio analysis.
- Prepare a compliance plan for FDIC, OTC, FRB, OCC, AML/MSB as it relates to the client’s prepaid program.
- Perform an internal audit of financial reports and risk management procedures.
- Establish and perform a comprehensive training program for management and key employees.
Evaluation of Existing Internal Policies and Procedures.
As part of our understanding of your internal processes, policies and procedures; we incorporate the following activities into our analysis and recommendations:
- Interview all managers to understand what they do and how it impacts your prepaid program.
- Observe how support desk personnel work and examine all relevant documentation they use.
- Speak to sales representatives to understand exactly how they are positioning your services.
- Review costs to determine if they are in line with industry averages.
Post Analysis Reports for Implementation of Recommendations.
The hallmark of our approach is to provide every client with an actionable plan to run the most effective prepaid program to meet your specific goals. We combine the results of our intensive system review with industry knowledge of best practices and current regulatory requirements to create a customized action plan for your business. Here is what you can expect from our post analysis recommendations:
- A report that describes program shortcomings and specific recommendations to resolve them.
- Priority of these issues and provide a timeline for resolving each issue.
- Prepare a letter describing our independent program audit results. Provide implementation guidelines to assist your staff as they work to remedy problems.
Prepaid Services we offer:
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