What Is a Card Issuing Platform?
However, first things first, let’s discover the card issuing services. Put simply, a card issuing platform is a financial institution that provides customers with debit or credit cards. The simplest example of a card issuer is a bank. This is also the most classic example, but technological progress and the breakthrough in electronic payment have brought plenty of other institutions that are called credit card providers. However, regardless of their names and features, they all are members of the same payment process, which you can see on the scheme below.
Card Issuer Vs. Card Network
Card issuing solutions incorporate two essential elements: card issuer and card network. Those are two different components that are related but not the same.
| Feature | Card Network | Card Issuer |
|---|---|---|
| The Function | Ensure payment processing and provide all the elements necessary for transactions between banks, merchants, and issuers | Issue cards to those customers who can prove their creditworthiness |
| Income Source | Transaction, network, and licensing fees | Credit card charges (interests), transaction fees etc. paid by cardholders |
| Card Characteristic Features | Are the same for all card issuing platforms | Differ from one card issuer to another |
| Card Acceptance | If the network is accepted, then any card of that network is accepted | For customers to be able to pay with a card by a certain issuer, the provider should have an agreement with the merchant |
| Examples | MasterCard, American Express, VISA | Chase, Marqueta, SolarisBank |
Things To Consider When Choosing Credit Card Providers
There are plenty of credit card providers, and each card issuer site has its features and reputation. Not all of them are perfect for specific business spheres. Therefore, the choice of the issuer should be well-thought-out, and all essential elements should be taken into consideration. There are 8 main criteria that fintech entrepreneurs should take into account when choosing their card provider.
Functionality And Integration
The functionality of credit card issuing platforms is essential, and you should ensure that it meets your needs. Yet, all cardholders appreciate the convenience and customizable features. Thus, when you look at functionality, revise how convenient it is to create and maintain credit cards. Moreover, pay attention to how user-friendly the mobile app interface is.
Security And Fraud Prevention
Fraud prevention is a number one priority for all reputable credit card issuing companies, as they work with sensitive information and finances of cardholders that might be stolen by fraudsters. We encourage you to pay attention to the providers that have personal information of their customers encrypted and provide more than one level of security. Otherwise, there are too high risks for your business.
API Or SDK
Card issuing solutions with Open APIs or SDK should always be preferred over those providers that do not offer them. It will make the card launch faster and cheaper, so you will save up your time and money. Moreover, such issuers are more flexible in services they offer.
Regulatory Compliance
Revise if the credit issuer has all essential compliance solutions implemented. In particular, PCI DSS (Payment Card Industry Data Security Standard). You might also check their records to make sure they haven’t experienced data breaches or fraudulent activities in the past.
Payment Acceptance
Always consider how widespread the card issuing platform is and how many integrated platforms it has. It is essential for businesses (especially those in the fintech sphere) to ensure that their cards have a wide acceptance network. Given that the cards will be used by your employees, payment acceptance will be crucial for them as consumers. Furthermore, pay attention to the diversity cards offered by a provider. Ideally, you would like to have virtual cards and prepaid solutions along with debit and credit cards.
Fee Structure And Costs
Fees and costs that your clients will need to pay for being customers of a card issuance platform are also a good point for consideration. Nobody will enjoy high costs for average services, so we encourage you to always check if fees and costs are adequate for the provided solutions. If a company has loyalty rewards, on top of charges, it is always a good sign.
Reporting And Analytics
Being able to monitor your expenses is a sign of a high-quality service, so pay attention to the analytics reporting provided by card issuing companies. Evaluate the frequency of reporting and how detailed it is. Those tools will help you optimize your funds usage, and you will be able to choose the most suitable card program for your needs.
Customer Support And Reputation
Always consider how efficient customer support is and what its working hours are. Having issues that are not resolved rapidly can cost you a lot in the fintech world, so the importance of regulatory support should not be underestimated. Furthermore, listen to what other clients say in their reviews about a selected card issuer to ensure you select the one with an excellent reputation.
Best Card Issuing Services and Solutions for Fintech
The diversity of card issuing solutions and the fact that they have unique features encourages fintech entrepreneurs to select their card provider carefully. Some companies might be suitable for personal use, while others cater more for businesses. To ensure you make the right decision when it comes to card issuers, we have overviewed 12 that are considered the best for fintech businesses.
Railsbank
- Year of Foundation: 2016
- Headquarters: London, UK
- The website: railsr.com
- Benefits: Caters to businesses of all scales, high customization of services, advanced card settings and restrictions
Railsbank, now known as Railsr, is a popular UK-based fintech card provider. Credit and debit card issuing is one of the main services offered by this financial institution. Thus, high customization is secured. Businesses can choose unique designs of their cards and benefit from individual settings of spending limits, restrictions of geolocation and specific categories of transactions. To ensure high anti-fraud protection, real-time card management is enabled here.
Marqeta
- Year of Foundation: 2010
- Headquarters: California, US
- The website: marqeta.com
- Benefits: Functionality of services, robust security, open API
Marqeta is one of the functional fintech card issuers that provides modern solutions for businesses and caters to their unique needs due to a variety of programs. It has customized debit programs, as well as beneficial credit solutions. Functionality and Open API are certainly among the strengths of this company. Furthermore, they are highly focused on the security of data and finances of its customers. Therefore, businesses receive high-quality services in Marqeta with a high level of flexibility and adaptivity.
Paymentology (Tutuka)
- Year of Foundation: 20015
- Headquarters: London, UK
- The website: paymentology.com
- Benefits: Global coverage, instant card changes (e.g. block/unblock cards online), high customization
Paymentology is both payment processing and a card issuing solution that has global coverage and provides a variety of services for businesses in fintech. Those are not only virtual and physical cards but also settlement services and authorization. This data-driven service orients at the needs of customers and designs individual plans to ensure all business needs are covered.
Fiserv
- Year of Foundation: 1984
- Headquarters: Wisconsin, US
- The website: fiserv.com
- Benefits: 24/7 customer support, mobile banking, self-service tools
Despite starting its path in the pre-digital era, Fiserv adapted to a new reality successfully. It is one of the leading credit and debit card providers with a focus on mobile banking. Thus, card issuing, payments, and other services are fulfilled rapidly and on a smartphone. It stands out with excellent compliance regulations, risk management solutions, and robust security that make Fiserv a perfect option for precocious fintech businesses. It operates in 40 countries and adds worldwide accessibility to the list of its benefits.
Galileo
- Year of Foundation: 2000
- Headquarters: Utah, US
- The website: galileo.com
- Benefits: Fintech enablement, multi-factor authentication, robust anti-fraud measures
Galileo is often considered as one of the best fintech card issuers due to the wide variety of services provided to financial institutions and businesses worldwide. It issues virtual and physical cards, has prepaid solutions, and conducts efficient payment processing. It is often listed among the most secure credit card providers, as its antifraud systems are one of the most advanced in the industry.
SynapseFI
- Year of Foundation: 2014
- Headquarters: California, US
- The website: synapsefi.com
- Benefits: High anti-fraud security, fintech deposits and loans, real-time transaction monitoring
SynapseFI is a popular card issuing platform that provides plenty of services for businesses. Those are not only credit and debit card issuing, but also payment processing, deposit accounts, and loans. Therefore, credit underwriting is available at SynapseFI. Robust security measures and several layers of authentication, combined with real-time transaction monitoring, make this fintech service a perfect option for those worried about fraudulent activities.
SolarisBank
- Year of Foundation: 2016
- Headquarters: Berlin, Germany
- The website: solarisbank.com
- Benefits: Limited to EEA businesses, customizable design, convenient analytics and reporting
SolarisBank is the only non-UK and non-US card provider in our ranking. It is known for having reliable and trustworthy financial services for business, and card issuing services are among them. Among the key features that are highly appreciated by its customers are the customizable design of credit cards, API integration, convenient transaction monitoring tools, and a high level of security. However, SolarisBank is suitable only for fintech businesses that operate in the European Economic Area (EEA).
BOND
- Year of Foundation: 2019
- Headquarters: New York, US
- The website: bond.tech
- Benefits: Mobile-friendly, risk management solutions, embedded finance
BOND is a relatively new card issuance company that is well-adapted to modern fintech requirements and provides a full spectrum of services to businesses. Those include virtual and physical card issuing, loans, payment processing, KYC onboarding and verification, and easy card integration with such smartphone-oriented payment services as Apple Pay and Google Pay. Excellent risk management mechanisms available at BOND help businesses make correct financial decisions.
MEDIUM
- Year of Foundation: 2015
- Headquarters: Singapore
- The website: nium.com
- Benefits: Open API, banking-as-a-service, worldwide accessibility
Medium (also known as NIUM) is a company with a banking-as-a-service option. This is a Singapore-based card provider that specializes in issuing virtual credit and debit cards. At the same time, it has all the features that a conventional bank can offer to customers, as it boasts an open API that can be easily accessed on the NIUM website. It operates in 190+ countries (for payments), and in 35 of them, virtual accounts can be created.
GPS
- Year of Foundation: 2007
- Headquarters: London, UK
- The website: globalprocessing.com
- Benefits: Convenient analytics, mobile wallet, dynamic CVV
GPS is one of the leading card providers in the UK that has been providing fintech services long before such popular companies as Curve, Monzo, and Revolute. Actually, it has set a card issue example for those companies! The range of its services is not limited to virtual debit and credit card issuance, as its customers can also benefit from a mobile wallet, prepaid card transactions, and payment processing that are possible thanks to open API. Security measures are robust here, and customers can be certain about the safety of their funds due to dynamic CVV that prevents many fraudulent actions. Furthermore, GPS boasts convenient analytics tools that help clients to analyze their transactions effectively.
Moss
- Year of Foundation: 2019
- Headquarters: Berlin, Germany
- The website: en.getmoss.com
- Benefits: High credit limit, effective finance management tools, corporate cards
Moss is an excellent choice for small and medium-sized businesses, as It has plenty of finance management tools on top of traditional card issuing. Customers can order virtual and physical cards. They can be either debit or credit. Those who opt for credit cards can expect to have a higher credit limit than it is in competitors. The service is currently limited to several European countries, including Germany and the Netherlands, but the company has ambitious plans for future expansion to other markets.
Final Thoughts
Finding a reliable and secure card issuing platform is important for a successful fintech business, so entrepreneurs should pay special attention to its selection. This article answers all essential questions on how to find the best credit card provider for your needs and explores all the essential aspects of this process in detail. Moreover, you can find a ranking of the best card issuers with a description of their benefits, so you can easily select the best one that caters to your needs.