Payment cards are already on par with cash in terms of popularity. In developed countries, the volume of bank plastic transactions exceeds that of cash settlements. Software developers quickly caught on to the trend and offered businesses the opportunity to become independent of banks and run card programmes independently. Unique solutions for card issuance were developed for this purpose.

Many companies are in no hurry to use the innovation, although they realise all its advantages. Businesses fear that such solutions, unlike traditional banking systems, cannot ensure the proper level of security of information and transactions. Let’s try to understand whether it is safe for businesses to use innovative solutions for card issuance or whether it is still necessary to adhere to conservative views and trust only banks to issue cards.

What are card-issuing solutions?

You don’t have to visit a bank to launch your card programme. You can use a multifunctional platform that is equipped with many tools. With their help, a company of any size and from any industry can do the following:

• issue payment cards of any type to suit its needs;
• achieve the business goals that have been set for the company;
• effectively manage expenses and promptly make changes to the budget.

Its card-issuing platform ensures the business is independent of banks and their whims. The company can block, unblock, and issue cards for any purpose at its discretion and at any convenient time.

Proprietary platform or White Label solution?

When you want to launch your card-issuing platform, you should know that having only top-notch IT experts is not enough. You need a whole staff that can handle the delicate legal, organisational, and financial tasks. All these actions will require you to invest a lot of capital at the initial stage. Funds will be required to create your infrastructure for its further maintenance and modernisation. The performance of these tasks could be more troublesome and costly.

White-label solutions significantly facilitate the launch of your card programme. Their providers handle all organisational, legal, and financial issues related to creating and maintaining the card issuing platform. The client only needs to pay a subscription fee for the software, and the white label card issuing solution provider does the rest. The business benefits from using it are as follows:

• Quickly brings a new card product to market. A proprietary platform is developed for several months and then tested; there is no guarantee that it can fulfil the tasks set. White Label solution is a ready-made platform that works immediately after signing a contract with the provider.
• Reduces the cost of launching a card programme. The provider pays for the services of high-class programmers who create the software and build the infrastructure. The user’s expenses consist only of making a monthly payment, the amount of which corresponds to the chosen tariff.
• Can customise the platform to suit their needs. White Label solutions have many convenient tools that allow customisation to suit the individual needs of any business.
• Generates additional revenue. White Label solutions can be used independently or shared with other businesses for profit.
• Increases brand awareness. White Label solutions allow the company to issue cards of well-known payment systems, such as Visa, MasterCard, etc., under its brand. At the same time, the cards will be serviced wherever cards of these systems are serviced. The design of cards is developed individually using the logo and corporate colours. Such a payment instrument attracts the attention of others to the brand and helps to increase the loyalty of clients, partners, and employees.

White-label solution providers also manage all security-related issues, including anti-fraud, compliance with legislation, payment system regulations, and risk management.

Is it essential to secure card-issuing platforms?

Before we list the security tools provided by card issuance solutions, let’s look at the main dangers in the digital world:

• Identity theft. Card issuance platforms store cardholder data about cardholders, spending, and corporate finances. This is sensitive information, the theft of which can lead to significant financial losses;
• Cyberattacks and phishing. Attackers may use malware to take over customer data or fraudulently coerce users into divulging their credentials;
• Non-compliance with legislation. A card-issuing platform must operate in compliance with all payment services regulations. There are enormous fines for each, even the slightest violation;
• Technical problems. For software to be invulnerable to new methods of cyber fraud, it must be constantly modernised. Without this, the likelihood of unauthorised access to corporate accounts increases;
• The human factor. The average user needs to learn the rules for setting strong passwords, which often facilitates cybercriminals’ access to funds and confidential information.

When developing card issuance platforms, providers pay special attention to ensuring the security of corporate finances. They use all their knowledge and skills to help prevent cyber-attacks and fraudulent activity.

How do card-issuing solutions keep data and finances secure?

Card issuance platforms use many methods and tools to secure finances and personal information. Let’s list the main ones:

• Cryptocurrencies. Multiple layers of encryption securely protect any information. Even if a fraudster can intercept the data, he is unlikely to be able to decrypt it;
• Controlled access. The platform allows you to differentiate access levels for different employees according to their occupation and position;
• Fraud-monitoring. All transactions are monitored and blocked in case of suspected card fraud. It helps to reduce financial losses to the company;
• KYC/AML. Compliance with international anti-money laundering rules and related regulations helps increase the security of the platform being used.

Fraudsters constantly develop new schemes to defraud and steal funds, so card-issuing platform developers must modernise and develop their technical base. An important condition for the safe use of such solutions is to improve users’ cyber literacy. Their education and awareness will help reduce the likelihood of loss of corporate data and finances due to human error.

Conclusion

Having your card issuance solution allows businesses to react faster to market changes without being dependent on the whims of banks. Using the Wallester platform to launch your card programme, you don’t need to create infrastructure; you can maintain and upgrade it yourself. The provider handles these and many other organisational, legal and financial issues. Such solutions are easily integrated with the company’s existing software; they are easy to use and intuitive. The platform includes many useful tools for managing the card programme and offers the possibility to issue cards with individual designs, which helps to increase brand recognition.

Card issuance platforms are reliably protected from cyberattacks and fraudulent activities. For this purpose, providers use modern cryptographic methods and security protocols, constantly monitor transactions and comply with the rules and regulations stipulated by payment systems. Unlike the banking system, innovative card issuance solutions are very flexible. They can adapt to the needs of any business, one of which is ensuring the security of corporate finances and data.