RS2 takes plastic payment to another level

RS2 Software – shortlisted for the Most Innovative SME Business Award (annual turnover less than €10m)

RS2 Software has introduced a new payment product that offers cardholders an integrated choice of multiple card options through the use of one plastic card. This product has taken RS2 to new heights in its global provision of electronic card payment software solutions to the banking and financial industry.

This type of card is convenient to holders as they can select what product they make available on the card and change their decision at any point in time without physically changing the plastic. They also deal with only one statement for all the card products. For banks, costs are reduced as they only issue one card and produce only one statement for multiple products.

“The project was initiated on a client’s request to include this concept as part of their implementation of BANKWORKS as their main card issuing platform,” said David Amato, RS2’s chief projects officer. “The client required the setup of a convertible card product that could be easily switched without impacting the main account structure, that is, account history, aging, interest-bearing amounts and dynamic interest method.

“This card product may be linked to multiple cards. From cardholders’ point of view, they will virtually have different products – from debit, to credit, charge and pre-paid options – while holding a single account and one physical plastic card with the bank. The variation to switch between debit and charge/credit card functionality is mainly driven by assigning different limits and different repayment schedules. This new business model guarantees added functionality within the BANKWORKS suite of modules and substantiates RS2’s market leadership”.

RS2’s policy for software development is to retain full ownership of the intellectual property rights. This allows RS2 to freely market the product or its variations to other potential or existing clients.

RS2 Software specialises in the development of solutions for the global payment industry. BANKWORKS is RS2’s leading edge payment product used by banks and financial institutions worldwide, including service providers servicing over 300 financial institutions around the world. RS2 Software has its marketing office based in Frankfurt and a core development and project management centre in Malta. RS2 also has offices in the US, the Philippines and Jordan.