Their Compliance Report Builder is simply the next evolution to meet the compliance needs of the prepaid industry
-Burke Rice, Executive Vice President of TFG Card Solutions
Portland, Oregon (PRWEB) June 05, 2013
ARM Insight, a leader in transaction-based analytics and services, has introduced its turn-key Prepaid Compliance Report Builder (Report Builder) for the Prepaid Card industry. The Report Builder immediately enhances an issuing bank or card program’s compliance capabilities by providing transaction-level compliance reporting across the prepaid regulatory landscape. The Report Builder offers 4 immediate benefits: 1) Enhanced compliance, 2) Enhanced reporting flexibility, 3) Lower cost of compliance, and 4) Visibility and Compliance of downstream partners.
The Report Builder is intended to help the prepaid industry with 3 growing trends: 1) Constantly-changing regulatory environment, 2) Regulatory oversight of prepaid issuers and programs by multiple governmental agencies, and 3) The often subjective interpretation of the regulatory requirements. With these trends in mind, ARM’s Report Builder was created to maximize reporting flexibility by letting the user choose from multiple parameters, while providing transaction-level detail of the customized report.
“As compliance in the prepaid industry evolves, so must the technology. We have been a satisfied ARM Insight client for years. ARM’s prepaid platform has the unique ability to turn legacy data into valuable management information. Their Compliance Report Builder is simply the next evolution to meet the compliance needs of the prepaid industry....and the timing could not be better,” said Burke Rice, Executive Vice President of TFG Card Solutions.
ARM’s Report Builder provides a level of flexibility that allows a prepaid program or bank to quickly adapt to existing and new regulatory thresholds. The simple-to-use interface allows users to create compliance reports by simply filling out a few parameters on a web form. Compliance analysts can easily monitor transaction types, transaction frequency, specific dollar amounts, specific MCCs, etc. All these parameters can be set in accordance to each card program’s specific AML Program. In addition, the Report Builder provides visibility and compliance of downstream partners, distribution channels, and branches.
“We consulted with prepaid compliance experts from across the industry, and the feedback was consistent. With the changing regulatory environment, any compliance reporting platform must be completely flexible, and provide transaction level detail. Therefore, we created the Report Builder to allow the users to build dynamic reports, specific to their business, and their compliance needs,” said Randy Koch, president of ARM Insight.
Users can access the Report Builder from any location. ARM has optimized the Report Builder for web, mobile and tablet interfaces. The Report Builder is a cloud-based SaaS platform that is secure and PCI Level 1 Compliant. There is no costly integration, and no software installation.