MasterCard has launched Preferred Rewards, a customisable turnkey loyalty and rewards application aimed at small to medium sized financial institutions.
MasterCard says the package offers firms the advantages of current tailor-made solutions without the investment required for development and implementation, staffing and data processing.
Preferred Rewards has built-in quality control and standardised programme rules and includes turn-key marketing services and materials designed to include the issuer's name and card design and to simplify promotion.
Customers earn points for using cards and have three options for reward choices - travel and entertainment, merchandise and gift certificates - and will be able to access automated customer services via the Internet and phone. In addition, the package provides bank customers with access to a Web site where they can track 13 months of account history, redeem available points and search for rewards.
Barbara Hvasta, vice president, loyalty consulting and rewards services, MasterCard Advisors, says: "Preferred Rewards provides a comprehensive yet flexible payment platform that takes the expense and guesswork out of launching and managing a world-class payment card rewards programme."
InterCept, a US provider of technology products and services for financial institutions and merchants, will be the first to offer Preferred Rewards through its EFT Services division beginning in Q4 2003. The firm has nearly 400 MasterCard debit card issuing clients accounting for approximately 700,000 active cards.