The Hidden Heroes Of Prepaid
The Stars Behind The Spotlight, Part 2: Our Finance Team
In sports, the superstars get the fame and the glory. But, those athletes can’t shine without a substantial support crew behind them. Successful pros rely on expert trainers, coaches, nutritionists, doctors and others to reach maximum performance. You’ll never hear the names of most of the supporting crew, but almost every achievement on the field can be traced to the exceptional talents of an incredible group of off-the field individuals.
Our behind-the-scenes teams work in much the same way, diligently applying their talents to create ‘on-the-field’ success. Last month, we introduced you to our Vendor Team. This month, we want to highlight daVinci’s Finance Team. While their efforts aren’t always on the forefront, their actions are critical. This team supports our clients in speed, security, ongoing accuracy, global issuance across multiple currencies and real time access to funds.
At daVinci, we can create an entire prepaid program in as little as four to eight weeks, depending on the currency. To deliver on this record-setting timeline, the Finance Team moves quickly, following a robust, secure and detailed process. Once the service team kicks off a new program implementation, the Finance Team opens the necessary dedicated funding accounts, invoicing protocols and accounting system settings within the first three days.
During the onboarding process, the Finance Team:
- Collects program specifications such as how cards will be funded and client payment method
- Sets up bank accounts
- Creates client ledgers for real-time funding oversight and control
- Configures parent and sub-accounts with related reporting in the accounting system
- Tests and validates money flow
The members of the Finance Team are responsible for ensuring card functionality, proper funding and reporting accuracy, and they don’t do it alone. They collaborate in-house and with financial partners to help assure a seamless and efficient program for our clients, including:
- daVinci Service Teams. Finance collaborates with your Account Manager to navigate the intricacies of funding, API integration, invoicing, overdraft prevention measures and reporting.
- daVinci Vendor Team. The combined efforts of the Finance and Vendor Teams make it possible to test all card-functionality and funds movement before moving a program to production.
- Bank Issuers. The Finance Team works closely with our bank issuers to create the accounts for our clients’ funds. These banks provide crucial guidance and expertise in a number of areas, including global payments.
- Processors. Processors generate card accounts, authorize transactions and perform all the blocking and tackling involved in payment processing.
How Our Clients Win
Once a program goes live, cards need to be funded, often in real-time. Statements and reports need to be generated. Ledgers need to be balanced. daVinci’s ability to create flexibly configured, efficient global programs with oversight and visibility for our clients sets us apart. But, the wide variety of our offering means the processes and systems created and managed by Finance Team members need to be flexible and clean.
To this end, the Finance Team manages complex sets of daily and monthly reconciliations between our banks, processors and client balances.
The team accounts for millions of transactions every month, amid the added intricacies of managing multiple currencies to support our clients’ global programs. The Finance team monitors and responds to changing exchange rates and fluctuation. They configure setups to support the appropriate funding and settling currencies as well as oversee all financial statements, controls and reconciliation related to multi-currency issuance. With each new currency implemented by daVinci, the Finance Team deepens their expertise in international banking practices and requirements, all to the benefit of our clients.
Clients further benefit from a suite of utilities and tools built by the team. Configurable reports, threshold-based alerting and real-time balance visibility empower clients to replenish funds as needed and seamlessly transact business in real-time, at any time.
The Finance Team Delivers Peace of Mind
daVinci implements strenuous, industry-leading safeguards to keep funds protected. Unlike many prepaid program managers, daVinci keeps funds segregated from client to client, and from program to program. This means programs are solely supported by an appropriate, designated funding source. Even clients with multiple programs can enjoy funds segregation by program for maximum accuracy and oversight.
Further, as cards are issued, the card settlement bank account is immediately, automatically and fully funded. Although there has historically been a range of approaches to settlement account funding in the prepaid industry, daVinci views fully funding the settlement bank accounts as a critical business practice. We ensure a constant, 100% match between settlement bank account funds and card balances available to your recipients.
As part of our commitment to oversight, transparency and sound financial practices, daVinci makes sure our clients know exactly where every dollar is going, too. An automated audit and review process ensures the accuracy of our invoicing to our clients. The transaction count is enormous—millions, monthly— and the Finance Team designs processes and procedures with massive scalability and absolute accuracy as the guiding goals. Our Finance Team takes pride in our clients’ trust in daVinci’s handling of their program funds and accurate billings.
The Finance Team works to ensure funds are appropriately handled, processes are automated correctly from the beginning, that our clients have the information they need when they need it, and that a program is up and running in record speed. While the athlete on the field gets the glory, the staff in the clubhouse is critical to his or her success. Even if they don’t always get to bask in the spotlight, we’re proud to show our clients that the members of our Finance Team are ‘clubhouse’ superstars.