Monitoring, categorizing and understandingthe rules & rule changes of the international card schemes(such as Visa, Mastercard and American Express)
Being in a contractual relationship with a card scheme (Visa, Mastercard, AmEx, Diners, etc.) means you need to comply with their rules.
As financial environment evolves the requirements of card schemes are constantly changing.
Card schemes publish changes to their rules via their own electronic channels – those are the publications / announcements / mandates.
By publishing those announcements, card schemes give you – more or less - time to prepare for those changes. If you are not aware of them, you risk losing money or breaking their rules and being non-compliant.
Depending on the type of announcement, the risks you take by not knowing them
fines/ introduction of new optional services/ missing saving and business opportunities
not adapting your system can cause functional issues – increase of declined transactions
in extreme cases card schemes can cease your contract
Number of publications are highly rising: avg. 120 issued monthly in 2021.
In average 30 minutes processing time per publication is required, that makes 1/3 time of a senior staff member dedicated to reading and understanding new announcements.
In an average bank we save 30.000 EUR / month (on just optional services costs) because of the proper monitoring of the mandates.
Penalties of non-compliance can be an order of magnitude higher, also starting a development project in time reduces its costs.
Being compliant also means that you are integrating the latest technologies. Mandate Monitor provides you with business intelligence which creates a real market advantage.
We show you the business opportunities behind your mandates!
As all the new services are communicated via mandates it is crucial to your product development to have the right information in the right time.
As we provide extra information for your mandates you will have a clear picture about development needs and business impact.
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We download all recent publications from the card scheme customer portals that may be relevant to the Bank based on geography / location of the Bank and its services
We pinpoint the relevant publications based on the Business Profile Form submitted by the BankBusiness Profile Form (BPF) is a Form that gives us full picture about the business lines, card products and services the Bank provides to its cardholders and also about the card scheme services the Bank uses.
We process all publications and move into a database.All important information that can be read from the publication are extracted into the database, into pre-defined fields
Based on your onboarding data we select all the relevant mandates issued in the last 12 months.
Using the extra information we provide to each mandate we create a transparent report and set up a workshop with your team.
We manage and track your personalized mandate report / task list on a weekly basis.
We collect the status and other relevant information from your colleagues and remind them about their commitments and deadlines.
We are providing consultancy, advisory services on payment, digitalization, product / service / business development, FinTech and neobanking.
Zsolt is having 20+ years of experience in bank card issuing and acquiring, payment product development and banking
Gábor is having 20+ years experience in payments, strategy, business/service/market development, FinTech and innovation
We are a team of bank card professionals monitoring the announcements / publications / business news / mandates of all the card schemes - on behalf of the Bank - ensuring the Bank is up-to-date and compliant since 2018.
Book a free demo of Mandate Monitor