Attention, bank executives: are you ready for the changes that will result from the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010?
In the past, debit card issuers have largely partnered with debit networks and promoted authentication methods that allowed them to generate the most interchange income. That was then. Today, financial institutions need to look for long-term network value that goes beyond mere signature or PIN debit interchange revenue.
One provision of Dodd-Frank requires issuers to participate in at least two unaffiliated debit access networks. In addition, the new law gives merchants control over the routing of debit card transactions. The government may soon be setting debit interchange rates, meaning that the criteria behind selecting a PIN debit network will be based more on the best overall value over the life of the partnership.
Enter the STAR Network. The STAR Network can lower costs, deliver operational reliability and a robust customer experience, help reduce fraud, position the issuer with merchants, and prepare for future form factors and new value-added services.
Don’t live in the past. Now is the time for issuers of all sizes to form strategic partnerships with organisations that provide a greater breadth of options and deeper value propositions. Proactively partnering with the STAR Network can deliver value and strategic options and position issuers to win in this fast-changing, competitive market.
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