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Revolutionizing Card Issuing: A Modern Approach for Financial Institutions & Fintechs



What Are Today's Challenges Surrounding Card Issuing?


Card issuing presents numerous challenges for businesses and financial institutions. Traditional methods often fall short when it comes to speed, flexibility, and efficiency, leaving many struggling to keep up. Outdated platforms from card issuing providers impede progress and hinder meeting the demands of modern users. Additionally, the high cost of entry can be a barrier, especially for smaller companies looking to compete.


Integration with legacy systems and navigating rigid ISO standards can be an arduous process, leading to significant delays in bringing card-issuing services to market. On top of that, the requirement for a sponsor bank to access Visa and Mastercard for card issuance adds complexity and reliance on external parties. The quest for BIN sponsorship, vital for issuing cards under one's own brand, can be a time-consuming and intricate journey.


Why Might a Business or Financial Institution Opt to Issue its Own Cards?


Despite the challenges, there are compelling reasons why businesses and financial institutions may choose to issue their own cards. Doing so grants complete control over card features, design, and branding, enabling tailored offerings to meet specific customer needs and enhance their brand image. Moreover, issuing your own cards allows for a seamless and personalized customer experience, providing convenient payment options and real-time fund validation.


Issuing cards also opens up additional revenue streams, such as interchange revenue and transaction fees, which contribute to the company's bottom line.


What Does the Modern Approach to Card Issuing Look Like?


The modern approach to card issuing revolves around cutting-edge technology, streamlined processes, and strategic partnerships, effectively tackling the limitations of traditional methods. Mozrt, in collaboration with SHAZAM, brings you a comprehensive and innovative solution for card issuance.


Through Mozrt's integration with SHAZAM's robust infrastructure, financial institutions and fintechs can issue physical and virtual cards effortlessly, all thanks to a modern API. This seamless connectivity with SHAZAM's extensive debit and ATM networks ensures real-time fund validation and smooth transactions.


Designed for speed, convenience, and flexibility, Mozrt's platform offers a frictionless experience through For Benefit Of (FBO) account connectivity. Instant virtual card issuance and integration with popular digital wallets like Apple Pay and Google Pay cater to the growing demand for contactless payments.


Here's what Jeff Althaus, CEO of Mozrt, has to say about their approach: "Our goal is to provide an API that enables companies to get up and running in just a few months, instead of the average 9 to 18 months it typically takes with other providers. Speed is crucial for success in this industry."


Jeff adds, "We've built an elegant API interface that incorporates the full range of capabilities across all types of cards. This holistic approach sets us apart, avoiding the common mistake of cherry-picking a subset of features. We're creating a truly unique solution that caters to all card issuing needs."


Delivering Exceptional Experiences to Clients


Clients of financial institutions and fintechs that embrace this modern card issuing approach can enjoy a host of benefits, enhancing their financial experiences and streamlining their transactions. Quicker and more streamlined card issuance processes mean faster access to debit and ATM cards, eliminating unnecessary delays. Real-time fund validation and instant virtual card issuance add further convenience, empowering clients to manage their finances efficiently.


With user-friendly interfaces and robust security measures, clients can enjoy simplified financial management and peace of mind in their transactions. Seamless integration with popular digital wallets like Apple Pay and Google Pay further enhances the accessibility and convenience of their cards.


Why Now is the Right Time to Embrace Modern Card Issuing


The current market demands efficient and modern card issuing solutions that cater to customers' expectations of speed and convenience. By leveraging Mozrt's innovative capabilities, businesses can differentiate themselves from the competition and deliver exceptional customer experiences. The time is ripe to upgrade your offerings and leave outdated platforms, systems, and procedures in the past.


Partnering with Mozrt for Card Issuing


Mozrt, in collaboration with its partner bank, offers BIN sponsorship, eliminating the need for businesses to deal with multiple service providers. Their integrated solution combines cutting-edge technology, extensive network connectivity, and comprehensive support, ensuring speed, convenience, and control. Join the waitlist today and be among the first to access Mozrt and SHAZAM's revolutionary card issuing services. Don't miss this opportunity to revolutionize your card issuance capabilities and exceed your customers' expectations. If you want to learn more about how Mozrt can help you dive into the modern world of card issuing, click here to get in touch.


This article was originally published on Wespay. Wespay Advisors was founded with a single purpose; to provide quality payments expertise while maintaining value. Financial Institutions, FinTechs, Third-Party providers, and technology providers have all benefited from their guidance in all areas of payments. Learn more about Wespay here.

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