News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

Card Modernization

Modernizing Cards to Deliver New-Age Solutions

With over 27+ years of deep industry experience, Opus has equipped banks, credit unions, and financial institutions to adapt to a digital-first world. Through a well-defined transformation strategy for cloud-native, API-led card issuing, Opus enables faster time to market and offers differentiated card products.

Key Challenges Faced by Banks and Financial Institutions with Card Modernization Solutions

Payment Credit card for successful Digital payment transformation
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Stiff competition from nimble FinTechs that are eating into the payment space by offering easier alternatives to card payments

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Dependence on legacy systems weighs down banks and financial institutions with respect to cost, agility, and response to market

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Slow innovation process to launch new-age products, such as digital-first card programmes and personalized value-added services, that offer greater value to consumers

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Inability to integrate modern security measures, such as tokenization, to combat the ever-increasing risk of fraud

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Need to comply with the latest version of global payment standards, such as PCI DSS, that are critical to averting a major security crisis

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Complex integration with data-based platforms that can help improve service delivery and analyze consumer behavior to fuel innovation

Card Modernization to Offer a Seamless Customer Experience

The digital payments and card landscape is transitioning at breakneck speed. Equipped with the latest technology, FinTech players are posing a major challenge to legacy card issuers. With the growing adoption of real-time payments and card alternatives, it is imperative for banks and financial institutions to align their products and services with emerging technology and customer preferences. Opus enables banks to plan and execute a card modernization strategy that ensures the rapid rollout of innovative products, process efficiencies, alignment with Open API and BIAN standards, and scale.

Our card modernization solutions include

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Developing microservices-based, scalable infrastructure for cost-effective card management

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Building instant virtual card issuance functionality for the CMS to help banks issue virtual cards that can be automatically provisioned to digital wallets

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Integrating the DCF (Digital Card Facilitator) application that allows a consumer to complete a digital payment while also maintaining their account information during the process

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Upgrading the card management system to the cloud with the aim of making the service delivery infrastructure robust, more reliable, and easy to scale

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Enabling the latest counter-fraud measures, such as tokenization and AI-based anomaly detection mechanisms, to secure the confidential information of the consumer

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Onboarding modern payment systems, such as click-to-pay or tap-to-pay, to offer the same degree of seamless customer experience that FinTechs promise

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Allowing API-based integration with external providers in view of delivering differentiated customer offerings

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Extending the range of card management operations by providing modern solutions, such as a mobile interface for issuers and native apps for merchants

Opus Facilitates a Digital-First Approach for the Card Platform

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Delivers a modernized card management platform that is flexible, secure, and integrated with complimentary tools like AI-based business analytics

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Accelerates product discovery and development by offering deep insight into data related to consumer usage, channels, and location

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Facilitates new revenue streams by integrating value-added services in collaboration with FinTechs and BigTechs

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Enables easy integration with an API-based open services marketplace that allows banks to offer differentiated use cases

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Improves the customer experience by allowing them greater control, such as the ability to set a spending limit, enable or disable international transactions, or view account details on the go

Recommended Resources To Explore

Frequently asked questions

Biometric contactless cards are among the latest card technologies that are redefining the payment space. These cards combine EMV technology with an in-card fingerprint sensor. The technology offers the highest standard of security through biometric matching and removes the need for providing a PIN as a validation measure.

Modern card issuing involves delivering digital-first solutions through an advanced card management platform. Some of the key features of modern card issuing are instant virtual card issuance, click-to-pay, tokenization, automatic provisioning into digital wallets, seamless integration with Apple Pay, Google Pay, and Samsung Pay, and mobile-based account controls available to the consumer.

Card modernization is the process of upgrading legacy card management platforms so that the bank or financial institution can deliver digital-first solutions to its consumers. This process involves reconfiguring or building a new IT infrastructure to support API-led and microservices-based architectures. The new platform will allow easy collaboration with FinTechs and BigTechs to offer a new range of products and services.

The three most popular types of smart cards are contact-based, contactless, and dual-interface cards. A contact-based card is equipped with a chip that comes into contact with a card reader to allow the exchange of data. A contactless card uses RFID technology to enable communication between the card and the payment terminal. A dual-interface card is equipped with both technologies and can exchange data either through a swipe or through RFID.