A new solution from CMS Info Systems, a cash management and payment provider, claims to enable banks and financial card issuers to issue a customized banking card to their customers within an hour. These cards are compliant with the latest EMV standards for secure payments.
With this technology, the time to issue a credit or debit card has been reduced from two to three weeks to 1 hour, within which the bank processes all the documents, does the credit check and the card is personalized, issued and activated instantly.
“A pattern that has been observed is that most card users who have received an instant, pre-activated card make their first purchase within 8 hours of receiving it. This helps banks significantly reduce the cycle time between a credit card application, and the receipt of the card by theuserand the first usage –and in turn see an uptick in their interchange revenues,” said Mokam Singh, AVP and Head of CardSolutions at CMS Info Systems.
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This solution, that has been developed in-house by CMS, can be integrated into a bank’s existing card issuing infrastructure with a nominal investment. Citibank is the first bank to start using this service, at their Mumbai, Bangalore and Chennai branches.