WFCU Credit Union Uses PayTic Connect to Grow Mastercard® Program

Background

WFCU Credit Union (WFCU) has been proudly serving Canadian clients since 1940, currently operating in 12 retail locations across Southwestern Ontario. WFCU currently has $8.93 billion in Managed Assets and Member Service Totals of $11.8 billion. As a principal member with Mastercard, WFCU acts as a BIN sponsor enabling FinTechs to bring innovative payment products to Canadians. Also, one of WFCU’s flagship payment card programs is a Debit Mastercard that allows its client more freedom, convenience and security than traditional debit – all in one card. It offers WFCU members the added flexibility to shop safely online and internationally anywhere Mastercard is accepted. Susanne Rainhard, Director, Administration, sat down with PayTic to discuss the Mastercard program at WFCU.

The Challenge

Growing or bringing on a new payment program can be a daunting task in itself, while the day-to-day management of the program also increases substantially. Reconciliation, exceptions management, fraud monitoring, chargeback processing and regulatory/compliance requirements all cumulate in significant workload and costs. Even with a program team of 10, managing the growth in daily transactions means growth in manual work, and involves the handling of many legacy file systems. “A significant volume of our work is focused on reacting to exceptions found in the processing of payments” says Susanne, “so the challenge is reducing our turnaround time, while delivering a quality service to our cardholders.”

Another challenge is exploring proactive, data-informed approaches to preventing exceptions before they happen. “Part of that puzzle,” says Susanne, “lies in integrating and aligning all the data, files and processes across the various Processors and Card Networks that WFCU works with.”

“For me and for the rest of the team, the single interface experience of PayTic is where we go daily, from looking up and investigating a transaction to reviewing our program performance.”

Susanne Rainhard Director, Administration, WFCU Credit Union

The Solution

There are well known procedures to align, integrate and streamline legacy payment processes, but to do it on their own meant WFCU embarking on a large-scale, time and cost-heavy project. That is where Susanne’s team turned to PayTic Connect to help with their Mastercard program.

WFCU contracted with PayTic in late 2021. “We first started with the reconciliation and invoicing features, and after seeing an immediate impact on our process efficiency, we added chargeback processing,” says Susanne. “Most recently, we opened the product up to the Customer Relations team. The ease of walking through a member dispute with a work flow that follows Mastercard requirements, and doesn’t require intensive training with our call center agents, has made claim handling significantly easier, quicker and increased our claim win ratio. Finally, we can submit claims directly [to the card network] from the PayTic product and manage them from one place.”

“For me and for the rest of the team, the single interface experience of PayTic is where we go daily, from looking up and investigating a transaction to reviewing our program performance. Having a quick and accurate snapshot that displays the average spend, where those spends are occurring, [and] an overall look at the program itself, gives us critical information at a moments notice and allows us to spot trends. We have ease of mind that our data is aligned between all the players, which means we can make faster business decisions and react to our customers’ needs.”

Has PayTic helped WFCU reduce manual effort, streamline processes and comply with regulations? “We view PayTic as a key enabler to our ability to grow our business. As we add more card programs, we will be sure to have PayTic there to help us manage the back-office program functions.”