The credit card model - the traditional way of banks or financial services institutions issuing credit cards, sometimes in collaboration with brands and retailers - has transitioned in recent years whereby businesses and brands are now issuing cards - virtual, prepaid or debit - under a concept known as Credit Card-as-a-Service, or CCaaS. With technology maturing and communication infrastructure at its optimum level, brands and businesses that want to issue credit cards are now able to launch a card program in a matter of weeks with Visa or Mastercard identification and with the branding of the businesses prominently displayed. Commercial and consumer credit cards can be issued under CCaaS, often using APIs that facilitate the issuance.
KEY PLAYERS
One of the top companies that offer CCaaS is Toronto-based Brim Financial. The company has credit card platforms that are offered as a service. It is an end-to-end solution, using which a business or an organization starts issuing its own branded credit card. The company has an alliance partnership with Mastercard, which allows it to use Mastercard’s digital conveniences on the platform. Businesses can commission the platform and launch credit card services in weeks suiting their customer needs. Mastercard is in fact promoting the Brim platform and its executives have said Mastercard will want ‘to empower these community and regional institutions to have an outsized impact on their communities while helping larger banks innovate with speed’.
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