Fiserv Optis is a card processing system that enables financial institutions to manage and service their credit and debit card portfolios effectively, throughout the lifecycle of the product. Optis provides customers with daily reports that are critical for the settlement of credit card activity to customer accounts and financial general ledgers such as:
Accounting and Operations teams must gather the data from these reports and map them to Financial General Ledgers in order to complete the daily settlement, and identify exceptions items that need to be resolved. Without the right tools, the process can take more than 30 minutes on a daily basis. With Monarch the process can be accomplished in significantly less time.
Let's take a closer look at how Monarch can accelerate the daily credit card settlement process for a Financial Institution on First Data.