I2C, Inc., a provider of payment processing and emerging commerce solutions, today announced that it has enhanced the multi-purse features of its global payments platform, MCP.
That feature allows consumers to save, spend and transfer funds by using multiple purses, or sub-accounts, from within one account. The enhancements help consumers better manage their finances by enabling them to set a budget, activate controls to lock down spending limits and receive real-time alerts to stay on budget. For additional help, consumers can assign a "buddy," or financial mentor, to keep on track.
The new features are powered by MCP's integrated multi-purse technology, which was first introduced to the platform in 2003 to enable more complex financial services such as mobile wallets, linked savings accounts and companion accounts.
i2c's Vice President, Product Marketing, Patricia McPeak, says, "Showing consumers what they spent their money on after they have already spent it does little to support taking actionable steps towards financial responsibility. The budgeting features we have introduced to MCP are revolutionary because they provide up-front budgeting tools as well as on-going, real-time guidance that encourages consumers to stay on budget and attain their financial goals."
"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."
Sample Use Case for MCP's Real-Time Budgeting Tools
A college student wants to save for a car, but she has historically had trouble sticking to a budget. She creates a savings purse along with spending purses on her prepaid account and sets up automated funds transfers into the purses immediately after her paycheck is direct deposited. Purses for meals, books and entertainment are configured to decline purchases at specific merchants and in excess of her self-imposed spending limits. As an extra precaution against exceeding her budget, she asks her older brotherother to act as a "buddy" on the account, requiring his approval to transfer funds between purses or out of savings. The mobile real-time alerts she receives about spending activity and purse balances serve as reminders of her ultimate goal and assist her in managing finances from paycheck to paycheck.