A prepaid Card Based Solution for management of cash and other related payments that include; Petty Cash Allocation, imprest, wages, salaries, dividends, bonuses, health related payments etc. These cards are created in the Card managements system and draw funds from a pool account with zero overdrawn positions as each card has a marked limit .The cards are Visa branded and are easy to open mainly targeting the corporate and not individuals. These cards are generated towards management of the following:
• Cash related security risks
• Reconciliation of the office accounts.
• A lot of paper task.
• Increase in workforce as this duty has to have a dedicated resource allocation to manage the cash office.
• Zero opening and maintence balance.
• Withdrawal through any a co-op bank ATM or any Visa branded ATM, POS terminals etc.
• Credited through the Banks branches, ATM, Internet banking or EFT.
• Use at point Of Sale with ability to make utility and cash back payments.
• Institutionally managed
• No issue of cheque or cash payments.
• Centralized online management on internet banking.
• Minimized cash handling within the corporate network.
• Ease of changing limits.
• Creation of a more accountable system, with minimal operational issues.
• Comprehensive transaction history statements for monitoring and comparisons.
• Ability to make cards that have unique payments ability e.g. healthcare only cards, hospitality only cards
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