CIMI Card adds foreign issuing subsidiaries coupled with access to global distribution channels and banking systems
Card Issuance and Management,(CIMI), an affiliate of Card Compliant, LLC, is pleased to announce the global expansion of the CIMI Card issuance platform. Deploying a multiple prong global strategy, CIMI has expanded its physical issuing footprint by positioning issuing subsidiaries in foreign countries strategically selected to facilitate worldwide compliance with regulations and accounting standards.
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CIMI is also establishing alliances with global players to provide access to international card distribution channels and banking systems in over sixty foreign jurisdictions. And CIMI Card’s effort to deliver consumer friendly features will be enhanced by offering merchants the ability to present card terms and conditions to consumers in multiple languages. The global expansion is part of CIMI Card’s overall goal to assemble an unparalleled collection of card features on one platform for closed-loop gift and loyalty cards.
This global expansion is part of CIMI Card’s overall goal to assemble an unparalleled collection of card features on one platform for closed-loop gift and loyalty cards.
“Gift card programs are going cross-border – and we are prepared to go there with our clients,” said Chuck Rouse, CEO of Card Compliant.
Work on the global expansion of CIMI Card is ongoing in over forty countries. Global features of the CIMI Card include the following:
INTERNATIONAL COMPLIANCE. CIMI Card’s issuing platform and its supporting Compliance Now℠ systems and modules are designed to address compliance with global laws and accounting standards. Accounting standards specific to gift cards include, among others, Generally Accepted Accounting Principles, 410 and 606 in the United States and the International Financial Reporting Standards 9 and 15.
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Worldwide regulations governing gift cards involve over 300 laws of multiple jurisdictions including, as a few examples, United States Federal, 50 U.S. States, 7 U.S. Territories, Canada Federal, 10 CN Provinces, 3 CN Territories, Australia Federal, 6 AU States, 2 AU Territories, the European Union, 24 EU members, and the 3 added members of the European Economic Area. To meet the challenge, CIMI Card is supported by a proprietary network of over 50 professional firms on six continents. CIMI also has added foreign subsidiaries to its card issuing footprint.
“Compliance in the United States is a chess match,” said Rouse. “It becomes three dimensional when done worldwide.”
INTERNATIONAL CARD DISTRIBUTION AND RESULTANT CARD PROGRAM GROWTH. To match the scope of its expanded international issuing footprint, CIMI has established alliances with notable global players to provide access to card distribution channels in foreign countries along with the banking systems needed to sell cards and move card funds in and out of foreign jurisdictions. Strong alliances, like that recently announced with TDS Gift Cards, allow for clients to combine the global regulatory compliance systems of CIMI Card with the gift card distribution card and transaction platform of experienced global companies like TDS, enhancing the growth of these mutual client’s gift card programs.
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“This is where 2 plus 2 may equal 5,” said Rouse.
CONSUMER FRIENDLY FEATURES. Continuing its effort to have consumer friendly features, the CIMI Card will be offering its terms and conditions to consumers in multiple languages. Leveraging its Terms Now technologies, the CIMI Card will allow consumers to see their terms and conditions in different languages at a finger’s touch.
“We designed the multiple language tool because the laws in some foreign countries directly required the use of a foreign language, and the laws in other countries were also being construed as indirectly forcing it,” said Rouse. “But we quickly learned that providing access to card terms in multiple languages also may be a positive cultural experience to card purchasers and gift recipients in foreign places. So, the CIMI Card will embrace it.”
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Source – PR Newswire
