Modern card issuing A key role in embedded finance

Having a bank card used to be considered a sign of the high status of its owner. Today, anyone can get this payment instrument for their own use. The number of places where you can pay with a payment card has also increased. Earlier, they were accepted only by big retail chains. But today, you can pay with your card for products or goods in retail chains and provide services and purchases made on the Internet.

Banking institutions should rethink their card products to meet the growing customers’ needs. It is no longer enough to issue a card with a low-interest rate or allow a high-risk cardholder to use it. Customers are now more interested in the digital personalization that API card issuance can provide them, more information you can read here

In today’s reality, banks and fintech companies need to provide them with regular plastic cards and various digital payment tools to win the race for customer attention. Most customers want to own this or that thing here and now, so the market leader will be the one who can meet that need. It is possible to do this with the help of virtual cards.

The use of virtual cards helps not only the end consumer but also large companies whose daily activities involve countless financial transactions. Digital automation allows these organizations to handle large transaction streams, control expenses, and pay employees in real-time. For a company to set up all payment transactions, namely authorization, approval, and rejection of transactions, they need to switch to an API platform for card issuance.

API platform to create a personalized experience

To process multiple payments in real-time, companies need to use cards let in on modern API platforms to make them. API technology allows each transaction to be authorized based on a separate criterion. It can be a merchant identifier, purchase amount, location of the cardholder, or digital identification based on biometric parameters. This approach helps to better control costs and reject fraudulent transactions. 

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The company’s accountants will spend less time on card project management thanks to the implementation of the API platform. They will be able to set up regular payments to suppliers, payroll, and other companies’ fixed costs. Payments can be set up by invoice date, amount, or specific payment condition.

Benefits of Wallester’s API card issuance 

Wallester provides its customers with a full-featured server platform with API support for card issuance and management. It can be used to issue virtual and physical cards for any need using credit, debit, loyalty cards, and other payment instruments. The card project is launched very quickly and hassle-free.

For physical cards, you can come up with a custom design or add a corporate logo to help increase brand recognition. Virtual cards issued through the Wallester platform can be instantly used in any mobile wallet. These cards can be used worldwide.

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