How they describe themselves: Plastyc extends the lifetime value of prepaid cards by expanding their capabilities beyond checking accounts. With Plastyc’s BankingUP Platform, “prepaid is the new checking”:
– Account longevity of 2 years and beyond
– Volumes of direct deposited funds exceeding 75%
– Complete feature set including writing and depositing paper checks
– Built-in automated savings for emergencies
– Loyalty-building services such as cash-back rewards and direct top-ups of prepaid mobile phones
The platform is dimensioned for mass banking with a capacity of up to 10MM accountholders.
How they describe their product/innovation: Plastyc is demonstrating the administrator-facing side of the BankingUP platform, allowing issuing banks and program managers to:
– Monitor and analyze cardholders’ financial activity in real time;
– Monitor and analyze cardholders’ non-financial activity; e.g., usage of mobile apps and web,
customer support interactions;
– Communicate instantly with programmable subsets of cardholders via web inserts and
smartphone push notification for marketing/upselling and product alerts.
This is a departure from traditional batch mode financial-transactions only reporting obtained from processors.