A new technology rises up from Denver making way for the instant approval and release of both debit and credit cards. This is a development that needs to be credited to Dynamic Card Solutions (DCS).
This technology makes it possible for financial firms and institutions to issue cards in an instant. They have developed software and hardware to make this goal possible. Through this, customers can claim the cards from a nearby branch rather than receive it via mail. The latter is not ideal since it can take up to seven to 10 days from the opening of an account or reporting of a lost card.
Today, TD Bank, one of DCS' largest among all its customers, already has this service in operation. On the other hand, US Bank is on its way to trying out this same technology, called the instant issuance.
Ron Zanotti, Senior Vice President of DCS, stated that they already see a large number of adoptions for this kind of technology. In fact, more banks are already using this technology because of its cheap cost in terms of instant issuance of cards.
This new technology works by inputting the names as well as account numbers on the plastic with laser. The old method embosses this information to the card, which makes it harder to produce and negotiate transactions.
However, the problem with this kind of technology is that it can well affect businesses that are used to doing manual transactions. They need to have a fully-electronic verification processor so that they can live with this change. This is according to Stephen Haag, Professor in the University of Denver, Department of Information Technology and Electronic Commerce.
Meaning, these flat credit cards that will be released by financial institutions will cost a lot of money for small businesses. However, aside from instant approval and release, these cards can lessen the risks of fraudulent transactions.
More than this, the new laser technology has more to offer. In fact, the one that is being piloted by US Bank uses a contactless technology. This is a process wherein cards need not be swiped anymore to a machine just to read it. Instead, cards can be read even within a few inches away from the processing terminal.
Also, this contactless technology gives way to the possibility of credit cards becoming the size of a SIM card of a cellular phone. The truth is that the US Bank is already practicing this in a form of stickers that are manufactured by CPI Card Group.