Chicago-based Synchology has launched its Branded Payments Platform, a “white label-ready” banking platform and Jump Visa® prepaid debit card to fill in the loyalty space that financial institutions largely vacated after the enactment of the Durbin Amendment.
The Durbin Amendment, part of the Dodd-Frank Act, capped the fees that financial institutions could charge for debit transactions. With the revenue restricted, financial institutions have largely eliminated the rewards program for debit cards, explained Doug....