Visa Announces New Ways for Financial Institutions to Enhance Digital Card Management Experiences for Customers
May 04 2017 - 10:00AM
Business Wire
This new set of capabilities will help issuers
deliver superior card management experiences to their cardholders,
letting them add, view, manage and share access to their card
Visa Inc. (NYSE:V), today announced it will help its financial
institution partners create customized digital card management
experiences for their customers. As the Internet of Things (IoT)
grows, consumers put their card on file and implement recurring
payments in more places. To help give consumers more visibility and
control, Visa is creating upcoming enhanced capabilities that will
complement several existing Visa functionalities. These
capabilities will be available for issuing partners to provide to
their cardholders through their online and mobile banking channels.
When implemented, the new capabilities will let issuers provide
their Visa cardholders greater control and insight over how they
pay, where they pay and who can pay using a digital version of
their Visa card.
The new offerings will build on existing capabilities of Visa
Token Service (VTS) to let issuers create a customizable suite of
services to offer to their Visa cardholders. Visa Token Service
replaces sensitive account information found on payment cards, such
as the 16-digit account number, expiration date and security code,
with a unique digital identifier that can be used to process
payments without exposing actual account details.
New Capabilities to Provide Consumers with Greater Visibility
and Control
The new Visa Network Hub Push Provisioning capability to be
offered will simplify issuers’ access to push provisioning
capabilities, by providing one integration point to interface with
participating VTS token requestors. When implemented by an issuer,
this would allow their Visa cardholders to easily add a digital
version of their Visa card to participating VTS token requestors
through the issuer’s mobile banking app or online banking channel.
This means the bank’s consumers will not need to go through the
process of individually signing-up for participating services, such
as digital wallets, card-on-file merchants, e-commerce enablers and
IoT providers. For example, the upcoming capability would help
enable a consumer who receives a new Visa card from their financial
institution to log into their bank’s mobile app and link their new
card details to a digital wallet or online merchant before
receiving the card in the mail.
In addition, an issuer may pair the Visa Network Hub Push
Provisioning with Consumer Transaction Controls to create new
experiences for cardholders. For example, issuers can offer
cardholders the ability to give restricted card access to another
user through a digital wallet, card-on-file merchant, e-commerce
enabler and IoT provider. In this case, the cardholder could extend
access in the form of a digital card to a trusted person, like a
child or caregiver, to make purchases online or via mobile wallets,
without giving access to a physical card or the full account
details.
“As consumers become more connected, it is increasingly
important for cardholders to be able to manage digital payment
activities in one central location,” said Jim McCarthy, executive
vice president, innovation and strategic partnerships, Visa Inc.
“With these new capabilities, we are enabling our financial
institution partners to deliver greater control, increased insights
and enhanced security to their cardholders who make digital
payments.”
Visa is also developing a new Visa Card-on-File Data API that
will provide issuers with details around merchants where a consumer
has stored their card on file. The API will scan transaction
history and identify card-on-file transactions such as bill pay or
subscriptions, providing Visa cardholders with additional insight
into where their card is stored. Additionally, an issuer will
receive information about where their customers’ cards are updated
in the event of a reissuance, due to reasons like expiration or
loss of card.
The new capabilities will be available to issuers in the United
States and Australia in 2018.
About Visa
Visa Inc. (NYSE: V) is a global payments technology company
that connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is
capable of handling more than 65,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa’s innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead with prepaid
or pay later with credit products. For more information, visit
https://usa.visa.com/ and @VisaNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20170504005878/en/
Visa Inc.Andy Gerlt, 415-805-5153agerlt@visa.com
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