Fiserv, a US-based provider of financial services technology solutions, has unveiled its Regulation E Opt-In Optimization Programs to help its clients prepare for the regulation's July 1 deadline.
These programs are in response to recent regulatory changes that require a consumer to opt-in before banks or credit unions can extend or continue to provide fee-based overdraft services for ATM and one-time debit card transactions.
According to the company, the Opt-In Optimization Programs employ thoughtful consumer segmentation; multi-channel and multi-contact outreach; assistance in obtaining consumer consent; mailing customers the opt-in confirmations; staff and consumer training; a secured database; and communications program reporting.
The three-tiered program, which include Reg E Deployment Program and Implementation Workshop; Reg E Consulting and Opt In Outreach Support; and Reg E Outreach Complete, varies in complexity and level of support ranging from a self-directed deployment program to a full turnkey solution.
Blake Williams, president for revenue enhancement solutions at Fiserv, said: “With 20% to 50% of exception revenue at stake, financial institutions are facing challenges that extend beyond notification and confirmation requirements. Most financial institutions anticipate an opt-in rate of about 20%, but our research shows that number is more likely to be closer to 5%.
“To address this, banks and credit unions must develop and implement a well designed, high impact opt-in optimization program immediately.”