SEATTLE--(BUSINESS WIRE)--Seattle-based financial technology company, Switch, Inc., announced today the availability of CardUpdatr™ —an issuer-branded web and mobile browser application that updates any card on any merchant site in real time, bringing immediate increased card circulation, e-commerce usage, and brand loyalty.
The new white-labeled app can be provided by card issuers to cardholders within days. CardUpdatr brings the power of Switch’s core payments provisioning platform, CardSavr®, to any card portfolio without the need for in-house development resources. For the first time in the payments industry, card issuers are now empowered with a fast, yet simple way, to provide a truly frictionless card-on-file updating experience to their cardholders. CardUpdatr solves chronically painful card services issues by addressing both cardholder dissatisfaction and revenue losses associated with card reissuance.
According to the PYMNTS.com Checkout Conversion Index, up to $236 billion in total merchant sales revenue is foregone due to friction in the checkout process. In terms of interchange revenue, that is a significant loss for issuers. Every card replaced forces cardholders to spend hours updating and repairing their payment sites.
CardUpdatr is designed to be a functional tool offered to cardholders using an issuer-branded vanity URL through a variety of issuer marketing, reissuance and card usage programs. The new application comes at a time when an increasing number of consumers expect to have instant and flexible access to cards for their online commerce activities. However, many issuers may not have the developmental resources to offer a timely and solid solution to meet these customer demands.
“CardUpdatr is a plug-and-play solution that can be offered by issuers to their cardholders in a matter of days. Infusing this much utility into the market this effortlessly marks a major historic milestone in the payments industry,” said Switch Co-founder and CEO, Chris Hopen. “Cardholders will love the convenience of being able to easily update cards throughout all of their accounts in one place and thank their existing financial institutions for recognizing and addressing their pain. Financial institutions will receive a tailored product that will immediately enhance their ability to improve revenue and performance, without the hassles or expense of designing their own solution.”
Switch believes their new offering exponentially extends the benefits of its already well-received and powerful payment provisioning platform. Financial institutions are now better equipped to attract more cardholders using a variety of existing cardholder experiences while encouraging existing customers to use their cards at a higher transaction rate.
Switch’s core CardSavr platform is a flexible, cloud-based solution that uniquely combines a scalable machine-learning engine and patent-pending artificial intelligence algorithms. The platform does not read, pull or scrape PII (Personally Identifiable Information).
To learn more about CardUpdatr visit Switchme.com/cardupdatr. More information on CardSavr can be found on cardsavr.com.
About Switch, Inc.
Headquartered in Seattle, Switch creates one-of-a-kind cardholder experiences that drive cards to Top of Wallet®. The company’s payment card solutions protect and increase card transaction volume for issuers. Switch’s proprietary and patent-pending autonomous browsing technology, CardSavr, helps cardholders update any card on any site. You can learn more about Switch at switchme.com or follow the company on the Switch Blog, Facebook and Twitter.
