Let’s take a dip into the history! Some years ago, issuing a payment card used to take several days and, in some cases, even weeks. But in this modern world, everything has become just quick- from ordering a meal through a digital kiosk to transferring money via smart wearables. These tasks only take a few seconds.
And with the rapid modernization, the customer’s expectations have also evolved. That’s where financial issuance solutions come in. Now, banks and credit unions don’t have to wait for days to issue secure cards to their customers and members.
Read on to explore the role of financial issuance solutions in making payment card production more secure and convenient.
👉Also read: The Latest Security Features Offered in Financial EMV Card Printers
What are Financial Issuance Solutions?
At its core, financial issuance solutions refer to systems and tools that aid in the speedy and efficient issuance of financial cards—be it credit, debit, or other types of payment cards. Think of it as the assembly line for your bank card but supercharged and optimized.Â
These solutions are equipped with the latest technology to ensure that cards are produced, personalized, and dispatched in record time without compromising on security. Here are some components of a financial issuance solution:
Instant Issuance Printers
These devices allow institutions to print and encode cards on demand, often directly within the branch. It means the users can visit your bank branch and collect a new or replacement card in a few minutes.
Software Solutions for Card Design and Data Management
Some financial issuance solution services focus on the design aspect of the cards, allowing institutions to create custom card templates or designs. Others provide secure databases to manage cardholder data, ensuring compliance with industry regulations.
Digital Card Issuance Platforms
More than 53% of Americans use digital wallets over other modes of payment. As the world moves more towards e-wallets and virtual cards, issuance solutions allow financial institutions to issue a card digitally. It means users can receive and start using a card through a mobile app, even before a physical card arrives.
Security and Compliance
With the rise of cyber threats, ensuring the secure production and delivery of financial cards is crucial. These solutions focus on encryption, secure key management, and other security protocols to safeguard card data.
Integration Platforms
These allow the issuance systems to integrate seamlessly in a single solution with your financial institution’s existing infrastructure, including core banking and CRM systems.
The components of a financial card issuance solution largely depend on the specific needs of a financial institution. At Elliott Data Systems, we support issuance solutions exclusively for your business or organization. Call us at 1-888-345-8511 for more details and to transform the way you issue cards to your customers.Â
How Financial Issuance Solutions Streamline Card Issuance
The financial landscape has undergone significant changes in recent decades, with technological advancements acting as a catalyst. One area that has seen substantial innovation is the domain of payment card issuance.Â
More and more financial institutions are steadily moving away from traditional methods to more streamlined, efficient approaches that we call “financial issuance solutions.”
The Traditional Card Issuance Process vs. Instant Issuance SolutionsÂ
The traditional issuance process was a prolonged affair. Once a customer applied for a payment card, it would take several days, if not weeks, to produce, personalize, and mail the card. The user would then need to activate the card upon receiving it, adding another step before it could be used.
Enter instant issuance or modern financial issuance solutions. The process enables financial institutions like yours to issue cards on the spot, often within minutes of a customer’s request.Â
Whether it’s a new account holder needing immediate access to funds or existing cardholders requiring an urgent replacement due to loss or theft, instant issuance caters to these immediate needs. The result? Reduced waiting times and increased customer satisfaction.Â
The Security Aspect of Financial Issuance Solutions in Card ProductionÂ
One of the biggest cornerstones of instant card production is security. These solutions are designed to offer unbreachable security to the customer using the card and the institution issuing it. Below are more details on how these issuance solutions lead to super-secure card production.
Up-to-date Security ProtocolsÂ
Financial issuance solutions inherently adopt advanced security measures. From advanced encryption to dynamic data authentication, these solutions bring forth a suite of security features that ensure payment card data remains protected throughout the process. The emphasis is not just on producing a card quickly but on producing it securely.
Compliance and Regulatory Adherence
Financial institutions operate within a myriad of regulations and compliance standards. The issuance solutions are often designed with built-in mechanisms that align with these regulatory requirements.
From data to storage protocols to digital payment credentials, these solutions ensure that cards produced are in full compliance with industry standards.
Flexible Security FeaturesÂ
Beyond standard security protocols, financial issuance solutions provide organizations with the flexibility to incorporate customized security features. Whether it is a unique hologram, watermark, or even a proprietary security chip, these solutions can be tailored to infuse additional security elements, making each card even more secure and harder to counterfeit.
Integration with Multi-Factor Authentication
The issuance process can be seamlessly integrated with multi-factor authentication protocols. It ensures that, during on-the-spot card issuance, the cardholder’s identity is doubly verified, adding an additional layer of security to the card production process.
Benefits of Leveraging Financial Issuance Solutions
In today’s dynamic financial environment, how institutions handle payment card issuance can significantly influence operational efficiency, customer satisfaction, and overall competitiveness.
Financial issuance solutions, especially those geared towards instant issuance, have emerged as game-changers. Here are some of the benefits why every institution, be it banks or investment companies, should integrate financial issuance solutions in their card-issuing process.
Enhances Customer Experience
Long waiting periods can be a significant detractor for customer satisfaction, and card issuance solutions cater to this demand for immediacy. By offering instant issuance, enterprises allow customers to walk away with a ready-to-use card.Â
Improves Operational Efficiency
Operational bottlenecks can often impede an enterprise’s ability to serve its customers effectively. With payment card issuance solutions, many of these barriers are eliminated. The swift processing and fulfillment of card requests mean resources are optimally utilized, and customers are served promptly.
Helps Save Unnecessary ExpensesÂ
Adopting modern issuance solutions can lead to notable cost efficiencies. When you can directly issue cards in-branch, your enterprise can bypass the costs associated with mailing, which often includes printing, postage, and handling charges.Â
Moreover, on-demand card production means institutions no longer need to maintain large inventories of pre-printed card blanks, reducing storage overheads and associated costs.
Ramps Up SecurityÂ
With the rise in card-related threats, security concerns have become paramount, especially in the financial sector. Finance issuance solutions offered by renowned providers like Elliott Data Systems often come equipped with robust encryption protocols, ensuring that sensitive cardholder data remains protected throughout the issuance process and beyond.Â
Reduced Risk of Fraud
Protecting against fraud is a top priority for financial institutions like banks. Advanced security features, like EMV chip encoding present in financial issuance solutions, offer dynamic data authentication. It makes tasks like card cloning significantly more challenging for malicious actors.
The benefits of adopting customized card issuance solutions are beyond this list. Since these solutions are scalable, the issuance process can grow as your organization thrives, making them future-ready.Â
How to Integrate Financial Issuance Solutions With Your Institution’s SystemÂ
Integrating financial card issuance solutions into your existing system does not require a complete remodel. Here are the steps you must follow to ensure a meticulous execution.
Assess Your RequirementsÂ
Start by understanding the specific needs of your institution. Are you looking for in-office instant issuance, centralized card production, or a hybrid approach? Also, analyze the volume of cards you’ll be issuing monthly or annually. It will guide the scale of the solution you require.
Choose a Reliable Solution ProviderÂ
Explore different vendors that offer financial issuance solutions, taking into account their reputation, service proximity, and technological capabilities. Additionally, examine the security features, customization capabilities, integration possibilities, and scalability of the solutions offered by each service provider.
Train Your StaffÂ
Once the deployment is done from the vendor side, you can organize comprehensive training sessions for staff responsible for card issuance, making them familiar with the equipment and software.
At Elliott Data Systems, we can conduct mock issuance exercises to help your staff practice and gain confidence before the actual rollout.Â
Start Printing and Issuing CardsÂ
Consider rolling out the solution in phases, starting with select branches or customer segments to gather feedback and make necessary adjustments. It is important to secure a maintenance service agreement with the vendor for software updates, security patches, and potential enhancements to prevent any downtime.
Ready to set up instant issuance capabilities in your institution? Give Elliott Data Systems a call at 1-888-345-8511. After the deployment, we perform rigorous testing to ensure the integrated system works seamlessly, with particular emphasis on security and data privacy.Â
👉Also read: Next-Gen Campus Card Program: Strengthening Identification and Security on Campus
Choose the Right Financial Issuance and Card Printing Solution: Contact Elliott Data Systems Today
With Elliott Data Systems at your side, you gain access to unparalleled financial issuance solutions personalized to the demands of your modern institution. Whether it is security, efficiency, or seamless integration you are seeking, we have the expertise and tools to elevate your operations.
Do not leave your payment card issuance to chance; invest in the best. Contact us today to let our highly qualified consultants walk you through your options and receive a detailed upfront quote based on your requirements.
