Bank Wizard for Balance Transfers is a unique service and software solution specifically developed for card issuers and other financial service providers offering their customers balance transfers. It validates the details of credit, charge or store cards at the point they are first entered into the new lender’s system and prior to submission to BACS for Direct Credit to the previous lender’s bank account.

Card issuers and other financial service providers are increasingly utilising balance transfer facilities to improve competitiveness and increase market share. However, experience has highlighted a number of significant and growing problems with balance transfer processes that affect all parties involved:

• Payments are being generated from balance transfer services with incorrect destination bank account details; as a consequence, payments are delayed or rejected. 
  
• Incorrect, insufficient or missing card/reference numbers are causing significant delays and reconciliation problems.   
   
• Inappropriate card details are being captured causing the subsequent balance transfer to be rejected.                                              

These problems can negatively impact customer service and generate unnecessary costs for both the previous and new lenders. Bank Wizard for Balance Transfers can eliminate these problems entirely and is an invaluable solution for any financial service provider offering balance transfer facilities.

 Summary of features