Credit unions that process card transactions with Fiserv will soon be able to issue credit and debit cards instantly while their members wait at branches.
"With the addition of instant issuance to our central issuance business, Fiserv is the only company that can offer a seamless card issuance solution for financial institutions," said Jorge Diaz, president, Output Solutions at Fiserv in Brookfield, Wis.
"Because of this, we are able to counsel clients on the best solution to meet their business objectives — whether that is central or instant issuance, or a strategic combination of the two approaches," Diaz said in the company’s announcement.
There are both strategic and tactical considerations, such as the operating environment, association compliance, product strategy and processor integration that must be considered by financial institutions before deciding to issue cards in a branch, Fiserv said. As a leader in payments, the company said, Fiserv is able to walk clients through this decision process as well as other aspects of their payment portfolios.
"We work closely with our clients to understand their business goals and how they can reach those goals. Instant issuance is now part of that equation," said Diaz.
Both credit and debit cards that have been issued instantly have been shown to have higher rates of usage than cards which have not been issued this way.
