Key Challenges Faced by Banks, Service Providers, and Credit Unions While Implementing a Card Management Platform
Inability to adapt quickly to technological innovation in the industry
Delay in rolling out newer card offerings to the customer
The high cost of deploying and managing a card issuance and management platform
Increased competition from the entry of non-banking players
Complexity in integrating with multiple vendors to offer value-added services
Our Card Management Platform Includes
Modern technology stack that allows faster solution provisioning with the use of data, APIs, and microservices
Unified platform that offers a no-code workflow to build and scale card-related products and services
Comprehensive support for APIs that allows financial institutions and FinTechs to deliver modern use cases
Standard digital functions that are agnostic to cards and account rails, such as virtual cards for B2B payments
Ability to align seamlessly with Open Banking and the Banking Industry Architecture Network (BIAN)
Opus Facilitates Seamless Convergence Between Physical and Virtual Card Solutions
Offers greater control to the cardholders with self-servicing options available through digital channels, allowing them to manage when, where, and how much they transact on the go
Facilitates faster issuance of PINs to the cardholder through digital channels, enabling a better customer experience and a lower environmental footprint
Allows customer-centric value-added services, such as "Buy Now, Pay Later" (BNPL), that involve real-time data analysis across multiple variables
Supports the instant issuing of virtual cards, which can be seamlessly added to digital wallets for a better payment experience
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Frequently asked questions
Financial institutions, such as banks or FinTechs, issue physical or virtual cards to their customers. The card issuers tap into the service network of card schemes, such as Visa, Mastercard, or Diners, to avail of these services. They have tie-ups with card management platforms to manage the technology required for issuing cards as a financial product.
A card management system offers the underlying technology for issuing and managing cards. This includes delivering cards as a product, setting up secure infrastructure for financial transactions, and partnering with card schemes. Modern card management systems offer a range of value-added services leveraging BaaS capabilities.
Any organization that issues physical or virtual cards to its customers can be termed a “card issuer.” A card issuer allows cardholders to make payments for goods and services with the help of these cards.
The process of debit card issuance involves an issuer, which is a banking or non-banking financial entity, and a cardholder, who has an active account with the issuer. A cardholder could be an individual or an organization.
The cost of a card management system may vary a lot based on the number of features it offers. Unlike traditional platforms, a modern card management system provides access to a range of self-serving options and value-added services to cardholders. As a result, modern platforms deliver higher value for money.