Card Program Management with Highnote

Sep 29, 2023
Highnote Team

One of the benefits of partnering with Highnote for your card program is that we handle many of the most complex and time-consuming aspects. This frees you up to focus on the customer-facing activities that will make your program successful.

What is Program Management for Card Programs?

Program management covers everything beyond basic card issuance and transaction processing. It includes all the functions that ensure that your program is in good standing with the bank, fully compliant, and fully reconciled with all financial partners and customers. It starts with Highnote guiding you through establishing your program with the bank, and continues with ongoing compliance and operational support. Let’s look at how each of these is set up.

Establishing your Program with the Bank

Establishing your card program requires a three-way partnership between you, Highnote, and the bank sponsor. Because we have invested time and effort in developing a smooth working relationship with our partner banks, we can work with you to ensure an efficient bank process in three critical areas:

1. Program Approval – All card programs must be approved by a sponsor bank. The Highnote team brings the experience necessary to help you produce the required documents and address the bank’s questions and issues in a timely manner.

2. Bank Identification Number (BIN) Request and Installation – Highnote coordinates all of the necessary requests, configurations, and installations required to establish the necessary card BINs at the networks that are associated with your program and the sponsor bank.

3. Limits and Parameters – Every card program has transaction limits that are established upfront. These include limits on the number of transactions and dollar volume over specified periods. Highnote’s program management team works with you to develop the limits and parameters that are optimized for your business goals and the bank’s requirements.

These are just a few ways we help guide you, based on our deep experience and understanding, through the process of having your program approved and established with a sponsor bank. Once you are up and running, our Program Management team continues to play a role in your program’s success.

Ongoing Fraud, Risk, and Compliance (FRC) Support

Card activity is both regulated and subject to fraud. As a result, safeguards need to be established and maintained throughout the life of the card program. A good program manager is active and helpful in setting up and monitoring FRC components of the program.

1. Policy Development – Your card program needs to have policies that are documented and approved, and that address all aspects of risk and compliance in your card program. Our team not only has deep experience in these matters, but has developed templates that can dramatically accelerate this process.

2. KYC & KYB – While you may undertake certain KYC/KYB screening at the front end, the ultimate onboarding of card accounts will be handled through a rigorous process by the program manager. This support extends to the ongoing checks needed to monitor the BSA, AML, and sanctions requirements for accounts.

3. Transaction Monitoring – Our team employs a combination of advanced analytics and experienced experts to flag suspicious transactions and protect against risky account activity.

As program manager, we actively support all of these activities. Importantly, we also maintain documents and data at the ready for ongoing monitoring of your program by the bank, enabling quick response to requests for program information.

Ongoing Operational Support

There is a wide range of activities required to support the operations of a card program. These ensure that your accounts are in balance and your customers are happy.

1. Bank and Network Reconciliation – A perfect account of funds is essential. It is why the foundation of the Highnote platform is our advanced ledger. Regardless of the complexity of the program, you can be assured that we reconcile to the bank perfectly and thus to the transaction networks.

2. Data for your Customer Support – It is inevitable that you will have customer support issues. Our API provides both functionality and data that will make your customer service most effective and facilitate cardholder reporting. And our team stands by to provide Tier 2 support.

3. BIN Testing on Transactions – An example of our vigilance in protecting your interests is our BIN testing. We analyze all transactions to ensure that merchants correctly qualify transaction types, ensuring your interchange rate is protected.

And, of course, there are many more operational considerations, from physical card printing and shipping to managing network clearing files that need to be addressed in a card program.

Highnote prides itself on having built industry-leading technology and a top-tier team of professionals designed to maximize the efficiency and effectiveness of your card program. Partnering with Highnote ensures your access to the best in the business. Reach out to us now and learn how to build a great card program.

Share this post