Industry-wide reliance on instant card issuance continues to grow
NASHVILLE, Tenn.--(BUSINESS WIRE)--EFT Source announced that since April 2013, it has realized a 211 percent increase in the total number of financial institutions using its patented, EMV-capable instant issuance solution, Card@Once. The company is a provider of turnkey card programs and personalization services for ATM and debit cards for financial institutions.
Instance Issuance of Debit Cards: The Newest Best Practice
Card@Once seamlessly integrates with core systems, eliminating the need for financial institutions to develop a full infrastructure to support instant issuance and enabling them to deliver fully functioning, payment cards to customers within seconds. When new or replacement cards are requested, the information is securely transferred from the branch location to EFT Source where it is processed into an encrypted print file and returned electronically. Card@Once encodes the data and prints the card, allowing the customer to walk away with a ready-to-use, permanent debit card.
In Mercator Advisory Group's recent report, Instance Issuance of Debit Cards: The Newest Best Practice, Ron Mazursky, director of Debit Advisory Services at Mercator, said, The question is no longer whether, but when, financial institutions in the United States will adopt the practice of instant issuance of debit cards. EFT Source's continued growth of its customer base is evidence of the industry's increasing reliance on instant issuance.
Since 2013, financial institutions have leveraged EFT Source and Card@Once to realize numerous benefits, including:
- Increased interchange revenue by 45 percent within the first 30 days;
- Increased transactions by 28 percent within the first six months;
- Saved more than $7,300 in total card production costs within the first six months;
- Increased average transactions per month by 22 percent within the first year; and
- Increased total active cards by 20 percent within the first year.
Due to its ability to cut costs, increase interchange revenue and boost customer loyalty, instant issuance has gained significant momentum especially within the last year. Our growing customer base is a testament of that, said Bill Dinker, president of EFT Source. As a Software-as-a-Service, Card@Once bypasses price and security concerns, providing banks and credit unions with a powerful tool that can be quickly adopted to strengthen business.
About EFT Source Inc.
Established in 1977, EFT Source provides financial institutions with turnkey card programs and secure personalization of ATM and debit cards from conceptual art to creative fulfillment services. Based in Nashville, Tenn., EFT Source also has a production facility in Colorado Springs, Colo., and a facility in Green Bay, Wis. that focuses on marketing and print services. For more information, visit www.eftsource.com.
For a Complete Version of this BUSINESS WIRE Press Release