Vision PLUS is a financial software application from First Data Corporation. Originally developed by the Paysys Research and Development Group, this application is mainly used for credit card transaction processing by multinational banks and transaction processing companies. Various banks and financial institutions use this software application to store and process credit card, debit card, prepaid, closed end loan accounts and process financial transactions (Visa, Mastercard, American Express, Europay, private label transactions) against those accounts. The rough estimate of number of cards processed on different versions of this application software around the world is 360 million.
VisionPLUS offers financial institutions the flexibility to configure their own product features and functionality. It is a family of totally integrated software products. VisionPLUS consists of modules that work together to fully manage your company’s credit environment. As stand-alone applications, they are very impressive, as a totally integrated and interactive unit, VisionPLUS is extremely powerful. CMS is the core module and plays an important part, as all account related activities are posted in the CMS module.
VisionPLUS has outstanding batch processing capability that increases speed and efficiency. Its single-pass master file system assures timely processing windows while updating every account each night. This means dramatically increased productivity for personnel in credit operations and data processing. With VisionPLUS, everyone in the information “loop” has access to data on a real-time basis. Credit operations personnel will be aware of any change in account status as soon as it happens regardless of whether the change is made through customer service, collections, or authorizations. Online, real-time information such as customer history, purchase patterns, and a wide range of demographic and behavioral data means you can respond proactively to your marketplace and gain the critical edge on your competition.
Because VisionPLUS shares information among all applications, credit management personnel get the “big picture” rather than isolated bits and pieces of data. You can analyze customer buying trends, respond quickly to the merchandising group’s efforts to drive up sales, and turn your credit management operation into a highly profitable merchandising tool. VisionPLUS provides the necessary information tools to increase customer satisfaction and facilitate repeat sales. Customer service is paramount in creating customer loyalty and enhancing your company’s image after the sale. With access to real-time cardholder information in a paperless environment, representatives can deliver the quality service your customers expect and deserve.
All facets of your credit organization, from new accounts to customer billing, from authorizations to collections, from management to customer service, need information that is reliable, accessible, up-to-date, and centralized – information available through VisionPLUS applications.
Taking a Closer Look at the VisionPLUS Modules, the purpose of each of the VisionPLUS modules is described in the following subsections.
CDM
The Credit Decision Management system (CDM) is the new accounts module. This online system is designed to handle the credit approval process from the point of application to the point of approval or decline. Applications are taken through processing steps that mirror the underwriting process and can be categorized and treated according to the parameters set by your company. While the entire process can be automated, human intervention can occur at any point within the process, the choice is yours.
CMS
The Credit Management System (CMS) is the accounts receivable system that functions as the heart of VisionPLUS. CMS holds the demographic, financial, and historical information for each account. Other VisionPLUS modules needing that information obtain it from CMS, eliminating record duplication. CMS also contains user-defined parameters for interest, billing, insurance, payment, and account processing.
ASM
The Account Services Management system (ASM) is the online, real-time customer service module. ASM enhances your ability to provide superior customer service by utilizing user-defined action codes to perform customer-generated requests such as interest adjustments, address changes, and disputes.
FAS
The Financial Authorization System (FAS) is the 24-hour-a-day, 7-day-a-week authorization module. FAS processes retail, Visa, MasterCard, and Europay authorizations based upon user defined processing parameters. Authorizations can be approved, declined, or referred. FAS also provides authorization reversals, card recovery listing and updates, and event/delayed advice retrievals.
TRAMS
The Transaction Management System (TRAMS) is the VisionPLUS front-end processor. TRAMS accepts multiple transaction types and prepares them for any destination, consolidating numerous application front-ends into a single input system. TRAMS also provides extensive job tracking, settlement, warehousing, reporting, reject, and online reject and suspense handling capabilities.
MBS
The Merchant Bankcard System (MBS) is the merchant acquiring system. MBS supports both bankcard and retail merchant processing providing an efficient way to settle funds and charge the merchant fees for services rendered. MBS offers discount, participation, reserve funding, and volume bonus processing along with comprehensive activity reporting.
LTS
The Letter System (LTS) is the module that can be used to create and issue letters for up to five different PaySys products. Letter variables from these different modules can be embedded within generic letters to produce letters tailored to individual customers. Letters can be printed real-time or in batch processing.
ITS
The Interchange Tracking System (ITS) is the dispute tracking and processing module. ITS is designed to process incoming and outgoing chargeback transactions for both Visa, MasterCard, as well as some regional associations such as Europay (for Eurocard-MasterCard only) and Australian Bankcard. ITS keeps track of many user-defined parameters, such as time limits to keep your business compliant with the different associations. Chargebacks are “worked” through queues based on criteria that you define creating a customized, organized workflow.
CTA
The Collections, Tracking, and Analysis module (CTA) is designed to categorize and treat accounts that need special handling. While the system was designed primarily to handle past-due accounts, it can be used to track and analyze other groups of accounts that may or may not need actual treatment. These groups may include VIPs, lost or stolen cards, overlimit accounts, and bankruptcy cases. CTA offers flexible collection strategies based on how your company sets the control record parameters.
Each of the VisionPLUS modules is a powerful, valuable credit-processing tool. As an integrated system, VisionPLUS creates a comprehensive credit processing environment, providing your business with the flexibility, and reliability needed to succeed.
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