US-based firm Switch has launched its new Application Program Interface (API), called CardSavr, to allow card issuers to place new and reissued credit cards into circulation with thousands of online merchants immediately after activation.
Based on the firm’s core technology platform, the CardSavr is intended to help issuers and merchants increase or recapture revenues lost through the reissued credit cards.
In addition, the API is designed to provide the visibility required to allow tracking and improve the use of newly-issued cards.
Switch CEO Chris Hopen said: “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.
“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.”
CardSavr is a standard REST API with support for basic CRUD operations for cards on-file, making it easy for card issuers to integrate the technology into their current online and mobile banking apps.