How Fintech as a Service Automates Financial Functions

Jerome Arthur Uffner is a prepaid card and technology executive who guides Tern Commerce, Inc., as president and delivers various integrated payment solutions. Over the years, Jerome Uffner has positioned his company as a Fintech as a Service (FaaS) space leader.

The fintech aspect of this equation involves financial technology or software applications that automate the experience of customers who access banking and related services. It also simplifies how business owners can administer various operational tasks, from payroll to budgeting.

Technology providers create FaaS platforms that perform tasks. In addition, the providers oversee the platform’s maintenance, development, updates, and security. The user accesses functionalities within the native platform using an application programming interface (API). The API is a money-saving function that enables various systems to mesh together and deliver functionality to a full range of clients.

A typical example of FaaS is a company that handles transactional services. The company teams up with a site that sells rental bookings. Then, the site delivers payment solutions. Another example is a retailer that routes transactions through a payment service provider. FaaS optimizes the terms of every transaction performed and is a cost-saving method for the retailer.

The Innovative Payments Association

An executive with experience in the fintech industry, Jerome Arthur Uffner gained knowledge of prepaid cards while serving as the senior vice president and head of prepaid at the Fidelity National Information Services Inc. (FIS). Jerome Uffner serves as a member of the Innovative Payments Association (IPA) to educate the public and lawmakers on the technology.

The IPA serves multiple purposes. Open to fintech professionals, the organization seeks to connect like-minded peers in networking events to learn the latest developments in the prepaid industry. Members can educate themselves and their companies on services like peer-to-peer (P2P) payment and mobile wallets through exclusive webinars. Publications like the IPA’s podcast discuss pressing news, explain topics relevant to individuals and companies, and give predictions about the future of prepaid services.

The IPA also educates the media, policymakers, and more about the prepaid industry and shapes legislation regarding prepaid services. Members gain opportunities to speak directly with federal representatives on prepaid issues and provide the media with accurate information on the IPA’s target areas. Through their advocacy, members collaborate with law enforcement agencies to ensure that prepaid products operate efficiently while following preexisting financial regulations.

Issues Advocated for by the Innovative Payments Association

With over three decades of experience working in the financial services industry, Jerome Arthur Uffner is the president of Tern Commerce, Inc. of New York City, New York. Jerome Uffner is also a member of the board of Innovative Payments Association (IPA), which utilizes its resources to advocate for important financial issues.

The IPA was originally founded in 2005 under a different name, the Network Branded Prepaid Card Association, until its rebranding in 2019. The main focus of the IPA has always been in the payments industry, with prepaid cards being essential.

The Washington, DC-based association is the only one dedicated to advocating for the prepaid card industry. IPA tracks legal, legislative, and regulatory issues in important areas. With the growth of the prepaid card industry, the job done by the IPA is essential to its industry.

Payroll cards, the Consumer Financial Protection Bureau, brokered FDI deposits, and the response to COVID-19 are their main points of focus at the moment. The IPA uses grassroots movements and lobbying to help shape public policy in the right direction.

About Tern Commerce’s Collaboration with TransferMex

Jerome Arthur Uffner is a senior executive who has led various FinTech companies, including FirstView Financial, where he served as president and CEO for three years. Experienced in the electronic payments and financial services sphere, Jerome Uffner is a pioneer in the prepaid card industry and also serves as the president of Tern Commerce Inc.

The accredited fintech-as-a-service provider, Tern Commerce, collaborated with TransferMex to integrate its remittance solution into the latter’s technological capabilities. Tern Commerce’s cross-border solution allows payment transactions involving the transfer of money to other entities outside the United States to be processed on time and completed on the same day. The partnership with TransferMex is part of Tern Commerce’s effort to make the solution available to immigrant workers from various countries.

The new solution from Tern Commerce allows immigrant workers from Mexico to send a desired proportion of their wages to bank accounts of their families and friends the same day they get paid. For friends and family members who have no bank account, the payment can be sent to their nearest cash pickup locations in Mexico. Talking about working with Tern, the director of TransferMex, Elina Salinas, had this to say, “Working with the Tern team has made it easy. It truly is fintech-as-a-service. I approached them with the structure, and they got us into the market quickly.”