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What are different types of account products?

The account product types have three main characteristics that determine the setup:
  1. Does the balance reside in the Enfuce system?
    • For products where the balance resides in the Enfuce system (i.e. ‘prepaid’ and ‘credit’), Enfuce acts as the main ledger that keeps track of what the balance is. Enfuce processes any incoming and outgoing transactions and determines the current balance based on these.
    • For products where the balance resides in an external system (i.e. ‘debit’), Enfuce does not have information on the current balance but acts as a processor of incoming and outgoing transactions. Enfuce forwards these transactions to the external system e.g. for determining if the card can be used.
  2. Is the balance pre-loaded or based on a credit line?
    • For the customer to be able to use the card (regardless if it’s physical or virtual), there needs to be an available balance on the account. This can be achieved by either issuing a credit line (i.e. ‘credit’) or by pre-loading the balance with a balance top-up (i.e. ‘prepaid’).
  3. Is the billing of debt done by Enfuce?
    • If Enfuce generates statements or invoices, it requires a more complex setup to accommodate interest calculation and delinquency tracking.
During the implementation project the required account product(s) are set up under the institution and when an account is created via the API (with specific institution credentials), all the account product features like interest calculation, minimum payment model, payment priority, allowed transaction types, default properties and fees are automatically applied as part of the creation process. It should be noted that the product setup at Enfuce determines how the payment platform is set up for you as the issuer, but does not necessarily determine how the product appears to your customers or cardholders. For example, a prepaid card in the Enfuce system can be financed by a credit issuer and invoiced by an external party and would appear to be a credit card to the customer even if the setup at Enfuce more resembles a prepaid card.
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