News

Instant issuance yields big boost in exchange revenue for New Jersey FI

First-month payment card exchange revenue increased 7.32 percent year over year at Atlantic Stewardship Bank after it implemented Card at Once.

October 27, 2014

Atlantic Stewardship Bank of Midland Park, New Jersey, has realized a 7.32 percent year-over-year increase in first month interchange revenue following the implementation of the Card at Once instant issuance solution from EFT Source Inc., the company said in a news release.

Following a 30-day implementation process at its headquarters, the FI, which holds $670 million in assets, installed the instant issuance solution at five additional branches and delivers an average of 200 cards per month.

When a customer requests a new or replacement card at the branch, Card at Once securely transfers the data from the branch location to EFT Source, where it is immediately processed, converted into an encrypted print file and returned to the branch electronically.

Card at Once then encodes the data and delivers a ready-to-use, permanent debit card. The system is EMV-capable, supporting the bank's transition to chip cards.

Barbara Komor, vice president and manager of operations and electronic banking for Atlantic Stewardship Bank said that instant issuance has allowed the FI to eliminate card shipping costs, increase revenue and reduce the impact of data breaches.

In the wake of one recent data breach, the bank was able to identify and deactivate all compromised cards with 24 hours and invite each customer to visit a branch location to receive a replacement card immediately.

"Data breaches are occurring with such frequency that the question is no longer if a financial institution will be hit, but when," said Bill Dinker, president of EFT Source. "Instant issuance provides an entirely new level of preparedness for attacks and Atlantic Stewardship is a perfect example of that. The cost savings and convenience, which are great benefits during normal operations, are multiplied many times over when time is of the essence — strengthening the customer relationships and overall business even when dealing with fraudsters."