Chris Hopen, CEO & Co-founderSwitch, Inc., a Seattle-based fintech company, is revolutionizing credit card circulation across the entire payments ecosystem – Cardholders, issuers and merchants all benefit from the company’s patent-pending technology and solutions.
The company’s unparalleled products are solving huge pain points felt by the financial industry and its cardholders. Over a billion payment cards were reissued in 2017. Significant revenue is lost by card issuers and merchants due to reissuing events when replacement cards are inactive, or activated but not used. With a growing number of cards in their wallet and more online merchants storing cards on file, the task of managing card-to-site relationships and keeping payment information up-to-date online has become increasingly complex and time consuming for cardholders.
Switch recently unveiled its CardSavr API, a proprietary tool that will allow issuers and merchants to capture lost revenue while enhancing convenience and security for their cardholders. The API helps issuers get their credit cards into use immediately by enabling cardholders to automatically update all of their online payment profiles when activating new cards. CardSavr also provides visibility to track and increase the usage of newly issued cards.
“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 win.”
Switch’s Cardsavr API helps card issuers capture more revenue during the card issuing and replacement process while improving their cardholders’ online payment experience
What makes CardSavr so incredible is the underlying technology, which already supports thousands of online merchants. By using anonymized crowdsourcing techniques coupled with its machine learning engine, the number of supported merchant sites grows every day. This is packaged in an API that can easily be integrated into existing web and mobile banking application infrastructures while allowing a brand to maintain 100% control over its user experience.
CardSavr 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.
With plans for more product announcements, Switch looks forward to further expansion of its payment solutions into the North American and global markets.
To learn more about Switch’s CardSavr API visit https://www.cardsavr.com.