Card Issuing Brands and Online Merchants to Regain Lost Revenue from Billions of Credit Cards Reissued Annually
SEATTLE, WA (BUSINESS WIRE) February 22, 2018 Switch, Inc., a Seattle-based financial technology company, announced today it has launched its proprietary Application Program Interface (API), “CardSavr,” the first of its kind to empower all card issuers with the ability to ensure new and reissued cards are placed into circulation, on thousands of e-commerce sites, immediately after activation. Following positive response from early adopters, strategic partner feedback and identifying a lack of appreciation for cardholder burden, Switch recognized an opportunity to leverage its core technology platform into the development of its newly unveiled API. The CardSavr ROI (return on investment) model is structured specifically to increase revenue or redeem the significant revenue lost by issuers and merchants. Due to loss, theft and fraud billions of credits cards are reissued each year. The API also provides visibility to track and increase the usage of newly issued cards.
The challenge to sustain healthy credit card circulation is compounded by:
The increasing number of cardholders engaging in online commerce The average consumer carries 3.2 credit cards in their wallet The average email address is associated with more than 130 online accounts “Until CardSavr, banks and merchants were held hostage by archaic credit card networks’ issuing and replacement processes and the inability alone to digitally help their cardholders manage online payments,” said Chris Hopen, Chief Executive Officer of Switch, Inc. “This is the first time an API provides all card brands with direct control over a large source of potential and/or lost revenue. Our platform increases both their bottom line around credit card circulation issues and enhances cardholders’ online purchasing experiences. All parties of the e-commerce ecosystem benefit.”
The CardSavr API already supports thousands of online merchants, and by using anonymized crowdsourcing techniques coupled with its machine learning engine, the number of Switch-enabled merchant sites grows every day. CardSavr assists e-commerce sites without any need for integration by the merchants, resulting in a far greater reach for card updates than conventional methods currently employed by the card networks.
The API enables card issuers to embed Switch’s card-updating technology into their existing web and mobile banking application infrastructures with 100% control of the user experience. Switch’s CardSavr API is a standard REST API that supports basic CRUD operations for cards on file. Advanced cryptography practices are utilized that exceed the PCI requirements for transaction security and confidentiality of cardholder data.
CardSavr’s design brings many first-time, unparalleled benefits to card issuers:
Immediate validation of customer card use Recaptured and increased revenue during the reissuing process Increased new card activations Provide cardholders an easier way to update cards at merchant sites Financial executives who participated in the company’s focus groups recognized potential for their businesses and customers. “The Switch application is extremely easy to use and provides a much faster way to pay and shop at card-on-file sites,” added Mark Morrison, President and CEO of MountainCrest Credit Union and a focus group participant of the Switch application. “We appreciate how secure the technology is in terms of protecting users, their identities and activity, while helping to manage card activity online. We can envision how our members would find this technology extremely valuable and how the credit union could also benefit from an operational standpoint.”
Switch CEO Chris Hopen is a technology veteran and entrepreneur who also founded Tappin, which was acquired by Globalscape in 2011. Hopen was also the Co-founder and Chief Technology Officer of Aventail, one of the first SSL VPN companies. Aventail was acquired by Sonicwall in 2007. Co-founder Dave Pool is founder of several successful technology companies, such as Spry Internet-in-a-Box and Data Channel.
To learn more about Switch’s CardSavr API visit https://www.cardsavr.com/.
About Switch, Inc.
Headquartered in Seattle, Switch creates one-of-a-kind cardholder experiences that inspire loyalty, leading to recaptured and increased card revenue. The company’s secure, proprietary and patent-pending automation technology gives cardholders the ability to manage and update all of their online accounts in one place. You can learn more about Switch at switchme.com or follow the company on Facebook and Twitter.
Contact Information Katherine Chavez Switch, Inc. +1 425-522-3683
You can read the online version of this press release here.
For more information, please contact:
KATHERINE E CHAVEZ
615 2nd Ave., Suite 600
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