UNITED STATES | ||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||
Washington, D.C. 20549 | ||||||||
FORM 8-K | ||||||||
Current Report Pursuant | ||||||||
to Section 13 or 15(d) of the | ||||||||
Securities Exchange Act of 1934 | ||||||||
Date of Report (Date of Earliest Event Reported) | ||||||||
October 31, 2023 | ||||||||
World Financial Network Credit Card Master Note Trust (Exact Name of Issuing Entity as Specified in its Charter) Commission File Numbers of Issuing Entity: 333-208463 and 333-230197-02 Central Index Key Number of Issuing Entity: 0001282663 World Financial Network Credit Card Master Trust (Exact Name of Issuer of Collateral Certificate as Specified in its Charter) Commission File Numbers of Issuer of the Collateral Certificate: 333-208463-02 and 333-230197-01 Central Index Key Number of Issuer of the Collateral Certificate: 0001140096 WFN Credit Company, LLC (Exact Name of Depositor/Registrant as Specified in its Charter) Commission File Numbers of Depositor: 333-208463-01 and 333-230197 Central Index Key Number of Depositor: 0001139552 Comenity Bank (Exact Name of Sponsor as Specified in its Charter) Central Index Key Number of Sponsor: 0001007254 | ||||||||
Delaware | ||||||||
(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant) | ||||||||
31-1772814 (I.R.S. Employer Identification No. of Registrant) | ||||||||
3095 Loyalty Circle, Columbus, Ohio | 43219 | |||||||
(Address of Principal Executive Offices of Registrant) | (Zip Code) | |||||||
(614) 729-5044 | ||||||||
(Registrant’s Telephone Number, Including Area Code) | ||||||||
N/A | ||||||||
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
N/A | N/A | N/A |
Exhibit No. | Document Description | |||||||
Fourteenth Addendum to Appendix A of Fourth Amended and Restated Service Agreement | ||||||||
Fifteenth Addendum to Appendix A of Fourth Amended and Restated Service Agreement | ||||||||
Sixteenth Addendum to Appendix A of Fourth Amended and Restated Service Agreement |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
Security • Determine Critical Infrastructures and provide physical security staffing based on the critically of the physical location and how immobility would impact business operations. • Provide video surveillance security for Critical Computing Centers and general office space. • Create and disseminate safety policies and procedures. | Video surveillance is maintained at 90 days for Critical Computing Centers (e.g., Data Centers, Critical Server Rooms, etc.) and 31 days for general office space. | Q | Amended |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
Information Technology Services/Outsourcing • Provide Information Technology services, platform, network, including telecommunications through a secure environment, which can be outsourced to third and fourth parties, including but not limited to: • Timely Incident Restoration • Unix/Linus Server Availability • Windows Server Availability • Mainframe Availability • Critical Application Availability • Data/Voice Connectivity Availability • Stability of Integration Hub API’s Supporting Critical Applications • Implementation of Critical Security Updates/Patches • Completion of Critical Batches • Authorizations • Account maintenance through self-service or Care Center Associate • Other IT services as needed • Provide IT Quality services as listed below: • Provide management of production defects • Maintain tracking of Critical and High defects • Maintain listing of critical applications supporting the Banks(s) • Maintain oversight of critical application performance • Provide monitoring of IT fixes implemented • Other IT Quality Services, as requested | N/A | N/A | Amended Service Description | ||||||||
Maintain 99.95% stability of Account Center APIs | M | Added | |||||||||
Maintain 99.95% stability of IVR APIs | M | Added | |||||||||
Maintain 99.95% stability of Customer Care APIs | M | Added | |||||||||
Maintain 99.95% stability of Web Collections APIs | M | Added |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
Data Processing • Manage all aspects of processing platform(s), including day to day operation, backups and maintenance, and disaster recovery. • Provide a 24 X 7 control center/help desk facility to monitor and manage data processing operations on behalf of Bank. • Provide a 24 X 7 control center/help desk facility to monitor and manage data processing operations on behalf of Bank Ensure availability of the Enterprise Data. Warehouse (“EDW”). The EDW is used to compile and store all data generated as part of operations of the bank. | N/A | N/A | Updated Service Description | ||||||||
100% Month-End online reports generated by target time | M | Added | |||||||||
95% Daily online daily reports available by target time | M | Added |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
Information Technology Services/Outsourcing • Provide Information Technology services, platform, network, including telecommunications through a secure environment, which can be outsourced to third and fourth parties, including but not limited to: • Timely Incident Restoration • Unix/Linux Server Availability • Windows Server Availability • Mainframe Availability • Critical Application Availability • Data/Voice Connectivity Availability • Stability of Integration Hub API’s Supporting Critical Applications • Implementation of Critical Security Updates/Patches • Completion of Critical Batches • Authorizations • Account maintenance through self-service or Care Center Associate • Other IT services as needed | Maintain 99.95% or greater Mainframe availability | M | Amended | ||||||||
Maintain 99.95% or greater Unix & Linux Server availability | M | Amended | |||||||||
Maintain 99.95% or greater Windows Server availability | M | Amended | |||||||||
Maintain 99.95% availability for New Account systems to process all applications (SNAP) | M | Amended | |||||||||
Maintain 99.99% Authorization System Availability for Co-Brand, uPLCC, and PLCC | M | Amended | |||||||||
Maintain 99.95% transaction success of Account Center APIs | M | Added | |||||||||
Maintain 99.9% Solution Builder (eCustomer Service) availability | M | Added | |||||||||
Maintain 99.95% transaction success of IVR APIs | M | Added | |||||||||
Maintain 99.95% transaction success of Customer Care APIs | M | Added | |||||||||
Maintain 99.95% transaction success of Web Collections APIs | M | Added | |||||||||
Maintain 99.95% availability of Web Collections | M | Added |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
• Provide IT Quality services as listed below: • Provide management of production defects • Maintain tracking of Critical and High defects • Maintain listing of critical applications supporting the Bank(s) • Maintain oversight of critical application performance • Provide monitoring of IT fixes implemented • Other IT Quality Services, as requested | Maintain 99.5% availability of Alvaria | M | Added | ||||||||
Maintain 99.95% availability of VCARS | M | Added | |||||||||
Maintain 99.95% availability of Interactive Voice Response (IVR) | M | Added | |||||||||
Maintain 99.95% availability of First Dispute | M | Added | |||||||||
Maintain 99.9% availability of PLP (Rewards) | M | Added | |||||||||
Maintain 99.9% availability of Financial Crime Risk Management (FCRM) | M | Added | |||||||||
Maintain 99.95% availability of Account Center (Web) | M | Added | |||||||||
Maintain 99.95% availability of Easy Pay | M | Added | |||||||||
Maintain 99.95% transaction success of MLA APIs | M | Added | |||||||||
Maintain 99.95% transaction success of Mobile App APIs | M | Added | |||||||||
100% Non-monetary transactions posted on time | M | Added | |||||||||
Maintain 99.5% Nautilus availability | M | Added | |||||||||
Maintain 99.5% Fraud Detection Work Center availability | M | Added | |||||||||
Maintain 99.95% Online System availability | M | Added | |||||||||
Maintain 99.9% Defense Edge availability | M | Added | |||||||||
Maintain 99.95% Fiserv RESTful Web Services availability | M | Added |
Service | Performance Standard | Measuring Period | Deleted | ||||||||
BSA/AML (CMSRV-Comenity Bank Comenity Capital Bank) • Support day-to-day functions of the Compliance function in the areas of BSA/AML/OFAC, to ensure all regulatory requirements are met. • Initiate review of Watch List Filtering, Suspicious Activity Monitoring, and OFAC alerts. • Support reporting for senior Bank management, committees and boards as requested. • Analyze account and customer activity to determine if Currency Transaction Reports (CTRs) are warranted. • Prepare and support CTRs reporting to senior bank management, committees and boards. | N/A | N/A | Delete Service Description | ||||||||
Monthly Currency Transaction Reporting: 1. Report Currency Transaction Reports filed on behalf of the Bank. 2. Report Currency Transaction Reports filed outside of regulatory requirements or outside of applicable policy or procedural timing requirement. | M | Deleted | |||||||||
FinCEN 314(a) Match and Subsequent Investigation Reporting: 1. Report the number of matches reported to FinCEN and number of accounts referred to the FIU for additional review. 2. Report any matches reported outside the deadline indicated by FinCEN in the information sharing request. | M | Deleted |
Information Technology Services/Outsourcing • Provide Information Technology services, platform, network, including telecommunications through a secure environment, which can be outsourced to third and fourth parties, including but not limited to: • Timely Incident Restoration • Unix/Linux Server Availability • Windows Server Availability • Mainframe Availability • Critical Application Availability • Data/Voice Connectivity Availability • Stability of Integration Hub API’s Supporting Critical Applications • Implementation of Critical Security Updates/Patches • Completion of Critical Batches • Authorizations • Account maintenance through self-service or Care Center Associate • Other IT services as needed • Provide IT Quality services as listed below: • Provide management of production defects • Maintain tracking of Critical and High defects • Maintain listing of critical applications supporting the Bank(s) • Maintain oversight of critical application performance • Provide monitoring of IT fixes implemented • Other IT Quality Services, as requested | Maintain 99.5% availability of critical distributed applications and related infrastructure | M | Deleted | ||||||||
Maintain 99.95% stability of Account Center APIs | M | Deleted | |||||||||
Maintain 99.95% stability of IVR APIs | M | Deleted | |||||||||
Maintain 99.95% stability of Customer Care APIs | M | Deleted | |||||||||
Maintain 99.95% stability of Web Collections APIs | M | Deleted |
Service | Performance Standard | Measuring Period | Amended/ Added | ||||||||
Customer Communications • Produce and mail customer communication; including periodic statements and dunning letters, customer service correspondence, adverse action letters and change of terms notices. • Ensure accuracy and timeliness of customer communications. | N/A | N/A | Amended Service Description | ||||||||
Cardholder letters accurate 99.9% of the time | M | Added | |||||||||
Cardholder statements accurate 99.9% of the time | M | Added | |||||||||
100% of letters delivered to USPS on time | M | Added | |||||||||
Customer Service • Process all customer inquiries (received via telephone/mail/fax/electronic), including a toll free customer inquiry number. • Respond to billing inquiries, account disputes and adjustments, billing error resolution, provision of duplicate copies of billing documentation (as requested). • Serve as a liaison between customers and clients for communication of product/service disputes. • Provide call resolution support. • Timely fulfillment of Gift Card, eCertificate, Merchandise orders. • Timely posting of non-monetary transactions. | N/A | N/A | Amended Service Description | ||||||||
99% of Gift card orders shipped in 12 business days | M | Added | |||||||||
95% of Gift card orders shipped in 6 business days | M | Added | |||||||||
95% of Gift card eCert orders sent in 8 business hours | M | Added | |||||||||
99% of Gift card eCert orders sent in 4 business days | M | Added | |||||||||
99% of Merchandise instore pickup 4 days of order date | M | Added | |||||||||
95% of Merchandise instore pickup 8 hours of order date | M | Added | |||||||||
99% of Merchandise shipped 12 days of order date | M | Added | |||||||||
99% of Merchandise shipped 12 days of order date | M | Added |