Scott McCormack, First National Merchant Solutions (FNMS), recently sat down in our Briefing Room Hot Seat to give us his take on what’s driving innovation in prepaid. Scott is responsible for the development and deployment of FNMS’ prepaid payment solutions. FNMS has been around since 1953 and today offers a number of products and solutions that enable merchants to accept a variety of payment types.
Scott echoes a familiar refrain in defining success in prepaid: the key to a successful operation is being able to listen to and communicate with your customers. As a result of this listening and then developing against those customer insights, FNMS has created its smartOne Prepaid solution, which among other things, enables merchants to offer personalized prepaid cards.
Scott also has an interesting take on regulation - viewing it as a catalyst for innovation and not an impairment (it just makes everyone think a little more strategically, he says). And, he's bullish on mobile, believing that its role in financial services broadly will only continue to drive "what's next" in Prepaid. For more on Scott’s take on prepaid, listen to our exclusive PYMNTS.com Briefing Room interview.