Ceridian Stored Value Solutions (SVS) Solves for Client Compliance with FinCEN Prepaid Access Final Rule
The U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) will begin enforcing the Prepaid Access Rule, effective March 31, 2012. SVS, the leading global provider of prepaid products and services, has invested in system enhancements that will provide automated solutions to allow their clients to comply with the new rule.
The FinCEN Prepaid Access Rule provides for regulation of providers and sellers of prepaid access; however, the rule also provides for a qualified exemption of closed-loop prepaid access if certain requirements are met in relation to all cards in the closed-loop program. In particular, closed-loop prepaid access programs are exempt if “It [the program] provides closed loop prepaid access to funds not to exceed $2,000 maximum value that can be associated with a prepaid access device or vehicle on any day.”
To aid SVS clients in exempting themselves from this regulation, while continuing to maximize ease-of-use for their consumers, SVS has invested in system controls to support their merchants' compliance with this regulation. As of March 31st SVS will employ new amount-based velocity controls that will allow its clients to limit access on a per card basis to $2,000 maximum value in a single day.
“We remain committed to supporting our clients changing needs,” says Mark Schatz, SVS General Manager. “We're proud to have the expertise and capacity to make our clients' compliance with the Prepaid Access Rule as stress-free as possible, allowing them to focus on their business.”
With two decades of experience, SVS is a pioneer and leading global prepaid provider, creating billions of dollars in increased revenue each year for clients around the world. As a dedicated prepaid innovator, SVS manages over five hundred million card products and processes over one billion transactions in 26 currencies worldwide every year. To learn more about increasing your bottom line with the most effective prepaid solutions on the market, visit us at:www.storedvalue.com