| USAA to Implement MasterCard IPS Processing Platform |
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03/11/2009 15:20 (18 Day 01:02 minutes ago) | |||||
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The FINANCIAL -- MasterCard Worldwide on November 2 announced that USAA Federal Savings Bank will implement MasterCard Integrated Processing Solutions (IPS), the company’s world-class debit processing platform.
USAA will employ the full capabilities of the platform’s branded network and issuer processing services in support of signature and PIN debit, and ATM driving.
“We believe that the capabilities of MasterCard IPS will position USAA to address and adapt to the unique and changing payment needs of our members around the globe while offering the most advanced services,” said David Bohne, President, USAA Federal Savings Bank.
MasterCard IPS is designed to help financial institutions create differentiated products and services and expand their payment portfolios across multiple business channels with efficient administration and minimal infrastructure investment. Issuers will be able to save considerable time and resources when designing and deploying new products and services by simply providing data for the platform’s pre-determined parameters. With its proprietary Portfolio Viewer tool, IPS delivers a 360-degree view of aggregated cardholder intelligence across debit and prepaid products that can help issuers customize their offerings.
“By implementing the debit card processing capabilities of MasterCard IPS, USAA will be able to strengthen its ability to quickly deliver the innovative products and services critical to maintaining its competitive edge,” said Chris McWilton, President, U.S. Markets, MasterCard Worldwide. “USAA is widely known for its rigorous business standards and highest level of member service, and we believe this expanded relationship will increase the value it will deliver to its loyal customer base.”
With more than $31 billion in deposits as of Mar. 31, 2009, USAA Federal Savings Bank is the 23rd largest bank in the nation. USAA has been recognized by BusinessWeek for the past three years as a "Customer Service Champ," highlighting the association’s legendary commitment of providing highly competitive financial products for 7.2 million members.
USAA joins a growing list of issuers that have implemented MasterCard IPS. In May 2009, The Travelex Group, the world’s largest distributor of foreign currency prepaid cards, announced that it will implement the global prepaid transaction processing capabilities of MasterCard IPS to support new and existing consumer and corporate MasterCard Cash Passport cards. In December 2008, Swiss Bankers Prepaid Services Ltd. became the first financial institution to take advantage of the platform’s global prepaid transaction processing capabilities. This followed the announcement of a brand-exclusive MasterCard IPS implementation by Security Service Federal Credit Union, the 10th largest credit union in the United States. MasterCard IPS has been named to the “InfoWorld 100,” an award that recognizes information technology projects that use technology in smart, innovative and creative ways to meet business and technical objectives.
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