Reduce liability for losses on commercial accounts by adhering to four requirements.
Solution Leverages First Data Corporation’s Dynamic Descriptors for Improved Reporting
Feb 20 - Financial Transmission Network Inc., a provider of industry leading receivable management solutions, has announced that Mutual of Omaha Bank has completed the rollout of its enhanced credit card processing through the deployment of First Data Corporation’s Dynamic Descriptor processing.
A national leader in the home owners association banking space, Mutual of Omaha Bank provides banking solutions to more than 21,000 HOAs nationwide. The bank will use FTNI’s ETran solution for its Web-based credit card processing and reporting for those HOA clients.
”We’re very pleased to use FTNI’s ETran platform to enhance the online payment processing experience for our valued HOA clients nationwide,” said Matt Minchow, executive vice president at Mutual of Omaha Bank. “FTNI was able to quickly complete the certification process and meet our specific processing needs.”
Unlike normal credit card authorizations and settlements, FTNI’s certification with First Data’s Dynamic Descriptor feature allows merchants to pass on additional information that can be included in the credit card statement. This feature then gives consumers clearer insight into each charge on their statement and also benefits the bank by reducing the number of customer service calls requesting additional information.
“What makes the ETran system unique is that it can easily be adapted to meet the changing needs of our partners and clients whether it be related to check scanning, Web payments, ACH and credit card initiation or invoice presentment,” says Chris Thompson, executive vice president and chief operating officer of FTNI. Thompson added, “By continuing to add new functionality and connection points via banks, credit card gateways or back-end accounting and CRM applications, we allow our clients to focus on growing their business and not having to manage the technology.”
Financial Transmission Network Inc.’s ETran platform incorporates Remote Deposit Capture (check scanning), ACH, credit card processing and cash posting, on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s cloud computing based software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s receivables system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With expert banking talent and nearly $6 billion in assets, Mutual of Omaha Bank serves clients through bank locations in 10 states and a national network of representatives that reach all 50 states. It is a subsidiary of Mutual of Omaha, a highly rated insurance and financial services company founded in 1909 and ranked among the Fortune 500. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com.