New Solution Leverages First Data Corporation’s Dynamic Descriptors for Improved Reporting
Financial Transmission Network Inc. (FTNI), a provider of industry leading receivable management solutions, today 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 (HOA) 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, EVP and COO 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.”