Financial Institutions and Fintechs Can Empower Cardholders with Programmable Payments from Fiserv and IncumbentFI
Partnership will enable financial institutions and fintechs to issue cards with unique, flexible capabilities, including the ability to fund payments from multiple sources
Programmable payments are particularly well suited to how consumers pay today, allowing cardholders to link multiple funding sources to a single payment card and prioritize a specific funding source based on the type of payment transaction. Funding sources may include a demand deposit account (DDA), health savings account (HSA), rewards points, cryptocurrency, or a line of credit, among others, enabling the universal payment experience needed for a card to achieve top-of-wallet status.
Financial institutions and fintechs can further differentiate their card programs and add more value for their cardholders by choosing from a marketplace of capabilities, such as financial wellness tools, buy-now-pay-later options and rewards.
“Programmable payments allow for flexible configurations, which enable our clients to deliver the personalized payment experiences consumers are looking for,” said
Programmable payments capabilities can be layered onto an existing card program without the need to issue new cards. Cardholders will designate how various transactions should be routed for payment. A tap of the card at a local restaurant can be funded by the cardholder’s rewards account, while the swipe at the pharmacy is funded from their HSA. In addition, cardholders will have a set amount of time post-purchase to designate which funding source they would like the transaction settled against, in the event they wish to change a pre-programmed designation.
“By enhancing their existing cards with value-added services, financial institutions can take advantage of the latest funding trends and position their cards to remain top of wallet,” said
“As a founding stakeholder of IncumbentFI, we are pleased to work with
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IncumbentFI’s core mission is to streamline collaboration between financial institutions and fintechs. We provide our clients with the ability to transform their existing bank issued cards into powerful fintech powered programmable payment cards. The result is a card that increases customer retention and revenue per cardholder, and positions their payment card to the top of wallet status in today’s digital world.
Programmable payments provide customers with the ability to add innovative personalized features, capabilities and offerings to the existing cards offered by their primary financial institution. Visit Incumbentfi.com for more information.