Wednesday, April 30, 2014
CFSI prepaid scorecard lauded
Jim Jones, Chief Executive Officer at prepaid provider AccountNow Inc., praised the Center for Financial Services Innovation's Prepaid Industry Scorecard, which employs quantitative and qualitative methods of analysis to generate scores that capture the quality of products in the prepaid card industry.
The scorecard is based on the CFSI's Compass Principles and assigns letter grades in three categories – standards, best practices and next generation focus. In its most recent analysis, CFSI gave the industry an A- in the first category and a B and C- for the two other categories, respectively.
"The prepaid industry has matured operationally and professionally," Jones said. "It has successfully navigated a maze of technological, privacy, state and national regulations and compliance issues and is now focused on the hyper-personalization of products to meet an immense diversity of consumer needs."
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