The Issuing solution aims to optimise and unlock revenue through effortless integration, removing the complexities associated with adding financial products and enabling businesses to go live with card programmes in a quick manner.
Following the launch of Issuing, brands have the option of owning and differentiating their card from the rest, be that with a sustainable card leveraging eco-friendly or recycled materials to avoid plastic waste or with unique colour combinations, which is believed to help differentiate them from the competition and to strengthen brand equity.
As per the press release information, inflexible legacy technology has resulted in multiple integrations and operational inefficiencies preventing businesses from sharing interchange fees. The company’s Issuing modern platform looks to remove patchwork integrations, helping businesses unlock new revenue streams by receiving a percentage of card interchange fees.
The Issuing solution marks the most recent addition to Checkout.com’s payments stack and integrates with its extensive range of products of the likes of acquiring, which helps businesses with unlocking cashflow and reducing pre-funding requirements. Furthermore, businesses are enabled to move funds to both physical or virtual one-time or multi-use cards in an easy manner, and then automate spending outcomes with custom rules.
Commenting on the launch, Antoine Maillard, CTO and co-founder at Jow, a personal shopping grocery app, has advised that the company chose Checkout.com to integrate payments and card issuing. As per their statement, the company leverages bespoke, single-use virtual cards which can have specific value limits and expiry dates, simplifying how customers get groceries while preventing fraud and managing its supply chain. Furthermore, the company is enabled to identify new revenue streams by integrating card issuing with the extended payments value chain and to deliver joined-up funding of cards for cashflow optimisation.
The announcement details that revenue from embedded finance is expected to reach USD 121 billion by 2029 in the UK and Europe, showcasing a 187% increase from 2022. Worldwide, the sector is believed to be worth approximately USD 7.2 trillion by 2030, as embedded finance is gaining popularity as consumers are no longer tied to banks for financial products and are looking to brands that they trust. Businesses that capture this market are believed to be enabled to unlock new revenue streams and build customer loyalty.
Fintech and big tech companies are joined by global brands and sectors of the likes of online travel, marketplaces, loyalty and expense programmes, and digital banking in taking advantage of lower barriers to entry for the creation of card programmes.
Adding on this, Meron Colbeci, CPO at Checkout.com stated that as card issuance and embedded finance have gained traction within the past years, the company’s Issuing built on open, flexible APIs enables businesses to create purpose-built card programmes, increase cash flow, and unlock new revenue opportunities. As per their statement, the product is built for businesses aiming to provide customers with a modern and bespoke payment experience, increasing brand loyalty and offering them new methods for managing, controlling, spending, and moving money in a digital world.
As per the press release information, Issuing is available to all UK- and EEA-based merchants, with other regions set to follow in the time to come.
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