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Compliance designs must be efficiently and effectively implemented |
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Implementation requires effective application of design decisions and hundreds of compliance variables to massive volumes of cards |
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Earnings and escheat related accounting entries must bridge and tie to the processor's data of record as well as company level accounting - Accounting must be completed frequently and on a regular basis |
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Changes in laws and facts must be implemented and should be automated and seamless if possible |
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Compliance tasks, such as escheat notices and state filings, must be efficiently completed as required |
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Responses to regulatory inquiries and audits should be supported by technology on a per card basis |
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Customer service should be provided to card owners and should be supported by technology on a per card basis |
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Card security concerns, such as PCI compliance, should be considered and addressed in the technology solution |
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Real or near real time implementation of compliance solutions should be used to avoid problems resulting from delay |
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Decision makers should be given near real time as well as periodic visibility of the impact of implemented solutions along with pertinent forecasts |
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Data should be archived as required by law and for compliance |
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Automation is preferable to manual implementation and should be compatible with existing transaction processing systems |
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Compliance implementation requires technology-driven solutions built by processing specialists for use by clients and their transaction processors |
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