Payment card supplier Gemalto has partnered with Entrust Datacard, a secure transaction technology solutions provider, to offer a SaaS-based instant issuance solution for financial institutions in the US.

Under the partnership, Entrust Datacard’s instant issuance printers will be used to personalise and print EMV cards on-demand, while Gemalto will be responsible for the issuance software.

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Gemalto will process the customer data and card profile at its Visa and Mastercard certified data centre and the card will be instantly programmed, printed as well as activated.

As the new approach eliminates the wait for a new card, it is expected to aid the banks in utilising their time to enhance customer relationship, engagement and cross-sell other products and services.

According to Gemalto, instant card issuance also increases activation rates by 82% and usage rates by 32%, as well as leads to cost savings due to decreased waste and postage.

Gemalto senior vice-president of banking and payments for North America Paul Kobos said: “With both Gemalto and Entrust Datacard’s strong experience in the banking and payment industry, we’ve been able to apply that expertise to bring instant issuance to market.

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“The SaaS aspect really sets the solution apart from others in the field, and financial institutions of all sizes will be able to reap the benefits.”

Entrust Datacard vice-president of Instant Issuance Karen Kaukol said: “With a SaaS-based instant issuance solution, we are able to not only provide financial institutions with the ability to instantly meet their customer’s needs, but do it in a manner that drives retention, and increases activation and usage rates, all while reducing the overhead expenses to the bank.”