If you're in the bankcard business, failure to pay attention to what is happening on the Internet is similar to ignoring the horseless carriage, if you were in the buggy whip business early in the century. The point is: there are a lot of new things happening on the Internet, for both consumers and merchants, that threaten to disenfranchise virtually any bankcard intermediary, unless you keep up on the changes and find a niche for yourself.
Case in point, Destiny Software Corporation and Magnum Communications, Ltd., have partnered to provide credit issuers with credit decisioning over the Internet.
The companies will integrate Destiny's on-line credit card products with Magnum's decisioning solutions. The combined offering, which Magnum will distribute, allows issuers to create and manage credit applications for the Internet.
"This partnership provides a powerful value proposition for credit issuers," stated Carl Eikhoff, CEO of Magnum. "Together, we can now offer a complete solution for issuers to acquire new cardholders over the Internet quickly, accurately, and cost effectively.'' The partnership will initially focus on large financial institutions where both companies share common clients and prospects.
"More and more, consumers are demanding instant gratification and fulfillment, and the granting of credit is no exception," stated Lucinda Duncalfe, CEO of Destiny Software. "The ability to instantly approve a consumer for credit at the point of purchase on the Web is very powerfulófor the issuer, for the merchant, and for the consumer. The partnership that Magnum and Destiny announced today will bring the software solutions to market that will make this happen."
For more information on the two companies access http://www.magnum.net and http://www.destinysoftware.com.
