August - 2005 issue > Technology

By Robin Joseph Mathews

In today’s Darwinian business environment, when the way business is done changes fast as per demand, no one is immune. Not even the banks. From the days of checks, deposit slips, electronic transfers, gift-checks, e-payments, credit cards, debit cards to Stored Value Cards, banking has come a long way.

Stored Value Card or SVC, as they are better known, has changed the transaction systems.

SVC has come as a boon to the retail-merchants and banks that leverage the functionality it provides. Shashi Kapur, CIO WildCard Systems, a technology provider for electronic host based stored-value cards, virtual stored-value accounts, and Internet payment, talks about Customer Oriented Distributed Encryption System (CODES), a Web-based host application that allows feature rich options in the Store Value Cards section.

Stored value cards are one of the fastest growing products in the financial sector. Most stored-value cards fall into two categories – consumer cards and commercial cards. Consumer cards include gift cards, travel cards and teen cards. Commercial cards include payroll and health cards. Stored-value cards are of two types— host-based stored-value cards and chip cards. WildCard Systems provides host-based stored-value cards by providing applications to clients in a variety of verticals including banking or retail gift cards.

“We take mini wildcard integrations of an entire platform and dedicate them to our top ten clients in the form of CODES,” Kapur says adding, “I consider us to be an e-payment company. Our solutions are web-based. The Web applications are highly customized to each client, which is unique to them.”

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