Navigating Card Issuer Processor Landscape in the US: 2023 & Beyond
Issuer processors are pivotal in the credit card ecosystem, serving as the engine behind card issuance, transaction processing, and overall card management. This article discusses the recent research report released by Celent that listed top-ranking next-gen card issuer processors in the US market.
Who Are Card Issuer Processors?
Issuer processors play a pivotal role in the credit card ecosystem. They are the behind-the-scenes champions responsible for managing and facilitating the issuance and authorization of credit cards. These entities enable banks and financial institutions to provide credit cards to consumers. Their functions encompass card authorization, transaction processing, and account maintenance. Learn more about it here.
Now, let’s dive into the key sections outlined in CELENT’s research report.
List of Top Next-Gen Issuer Processors in the US
Celent research study of the US market opportunity in Credit Card-as-a-Service (CCaaS) profiled six top credit card issuer processors based on their offerings and platform capabilities. Below are the six processors, listed alphabetically:
1. CoreCard
CoreCard offers a comprehensive suite of solutions tailored for card issuing and managing various card programs. Their platform emphasizes flexibility and scalability, catering to the diverse needs of financial institutions.
2. Galileo
Galileo focuses on powering innovative payment solutions. Their platform enables financial institutions to build and deliver cutting-edge payment experiences, leveraging APIs and advanced technology.
3. Highnote
Highnote specializes in providing customizable card solutions, emphasizing user experience and personalization. Their platform aims to deliver tailored card programs that resonate with end-users.
4. i2c
i2c is recognized for its agile and robust platform, catering to the evolving demands of the payments industry. Their solutions are designed to enable rapid deployment of card programs.
5. Tallied
Tally stands out for its approach toward simplifying credit card management. Their platform offers tools to help users manage and pay off their credit card debt efficiently.
6. Zeta
Zeta is a next-gen credit card issuer processor. Zeta’s platform empowers issuers to launch next-gen credit card processing programs with its cloud-native and fully API-enabled stack that includes processing, issuing, lending, core banking, fraud, loyalty, and many other capabilities.
Platform Capabilities of Each Issuer Processor
- CoreCard: Known for its flexible architecture, facilitating easy customization and scalability. Its technology supports various card types and program configurations.
- Galileo: Offers advanced APIs and infrastructure, empowering developers to create innovative payment solutions and integrate seamlessly with existing systems.
- Highnote: Specializes in digital engagement tools and integrations with mobile wallets, enabling a user-friendly and modern card experience.
- i2c: Boasts a highly configurable platform, allowing for rapid customization and launching of tailored card programs.
- Tallied: Focuses on sustainable credit-building solutions, providing innovative products and services aimed at improving consumer financial health.
- Zeta: Offers cloud-native, fully API-enabled stack with hyper-personalized card programs. Prioritizes flexibility and customization, enabling banks to create unique card programs swiftly, catering to specific customer needs.
Importance of Modern Credit Card Experiences in the US and Opportunities for Banks
Credit cards remain integral in the US financial landscape, offering consumers convenience, purchasing power, and valuable rewards. For banks, partnering with third-party card processors unlocks opportunities to swiftly enter the market with tailored card programs, addressing evolving customer demands.
These partnerships enable banks to focus on core operations while leveraging the expertise and technology of established issuer processors. Stay tuned for an interesting blog about the importance of modern credit card experiences in the US.
