i2c Adds Multipurse Budgeting Feature to Payments Platform (March 28, 2013)
Redwood City, Calif.-based payment processor i2c Inc. has added enhanced features to its payments platform that enable users to budget spending by using multiple purses within one account. i2c’s platform, known as MCP, enables companies to launch and manage card-based, virtual and mobile payment products to their customers.
With the new features, i2c clients can offer their end users multiple purses to manage their finances by setting budgets and spending limits for specific purses and receiving real time alerts. Enabling consumers to set specific limits for different purchase categories ahead of time is a much more effective budgeting tool than simply breaking out different areas of spending after the fact, according to i2c. “Showing consumers what they spent their money on after they have already spent it does little to support taking actionable steps towards financial responsibility,” said Patricia McPeak, vice president, product marketing, i2c. “These budgeting innovations will be invaluable to banks and financial services providers that seek to give their customers tools to manage their money more successfully—something consumers of all income levels need and want.”
The MCP platform currently processes payment transactions for consumers in more than 200 countries and territories. In August 2012, Western Union announced it would use MCP to process transactions made with its Gold Prepaid Card in the Philippines, which marked the debut of Western Union’s Paybefore-Award-wining prepaid program in the Asia-Pacific region.