Switch, a cardholder experience solution provider, has announced the CardSavr API. The new API enables card issuers to circulate new and reissued cards to thousands of e-commerce sites. By automating the entry and updating of card information on ecommerce sites that store card information, Switch hopes to save significant revenue lost by both merchants and card issuers due to the traditional card re-issuance system.
"This is the first time an API provides all card brands with direct control over a large source of potential and/or lost revenue," Switch CEO, Chris Hopen, commented in a press release. "Our Platform increases both their bottom line around credit card circulation issues and enhances cardholders' online purchasing experiences."
Switch announced that the API already "supports thousands of online merchants." The company reports that it continues to grow that number through "anonymized crowdsourcing techniques coupled with its Machine Learning engine." While these comments indicate that cards are ready for use across a large population of online merchant sites, it does appear that the card holder must use the credit card issuer's app and that app needs to support the CardSavr API.
Once a user has enabled a card and selected the applicable sites, the Cardsavr API signs in to the selected sites with the user's credentials. Next, the API securely loads new card information to the selected sites. Once integrated, new card information can flow directly from the card issuer to the selected sites. To learn more, check out the CardSavr site.