Multifunctional Solution
The basic feature of the DUET Multifunctional Solution (MFS) is its ability to support a number of different business schemes within the DUET application platform. DUET MFS offers the issuer up to 8 customizable product slots for different payment functions or any other form of funds transfer. The following slot functions are just examples for possible card products. In many payment industries, it is the combination of complementary applications (e.g. petrol station application combined with loyalty points collection application) that provide a powerful business tool for institutions to retain and acquire customers.
- Preauthorized Payment (purchasing power on the card - money on the account)
- Bank Credit (flexible financial services for clients)
- Savings Book (profit from the monetary float of mass savings)
- Time Deposit (offer a wide range of maturities and interest payment dates)
- Micro-Lending/Savings (designed to attract low-income clients in emerging markets)
- Deferred Payment (win and retain clients with flexible financial terms)
- Government Payment Application (taxes, fees, fines, utilities, etc.)
- Merchant Credit (allows merchants to offer their customers individual credit lines)
- Petrol Application (effective fleet and consumer servicing programme)
- Loyalty Application (win and retain clients through additional benefits)
- Health/Social Benefits Application (efficient distribution and management of social funds)
- Voucher Application (automated, secure, controlled scheme management)
- Data/ID Application (i.e. driver’s license, government ID, access etc.)
DUET Multifunctional provides financial and non-financial institutions with extended security and functionality. It is possible for example to activate the first slot for a national payment product common to all partners, dedicate the second slot to a regionally limited common service and utilize the third slot only on the local level, where a single partner could have an own card product to serve his local needs. The slots support multi-currency transactions where each slot function has different currency parameters like USD, EURO etc. but could also be used for any other value unit like liters of gasoline, loyalty points etc.
The flexibility and convenience of DUET MF goes even further - with the embedded control of the card profile you can set up rules and parameters to define how and where the respective card functions are going to be accepted. By employing sophisticated risk management features of the system, one can set up limits for card transactions in a defined period (e.g. not more than 25 transactions or 100 value units per day) or you can flexibly determine the expiry date for one of your card slots which could be very useful in regards to special marketing tasks – maybe you are thinking about a special marketing product for your card which is only valid for this restricted period of time. This feature could also serve the needs for e-government services such as social/health benefits. Social/health cards can be defined in a way that the subsidies can only be spent in predefined locations (e.g. government and municipal agencies) or for certain purposes (pension or unemployment payments, health services etc.).
