Strivve’s significant steps forward in 2021
SEATTLE —January 17, 2022
As a startup in the fintech environment, we focus on priorities. We invested a lot of time in 2021 to sign partner deals, build our new client pipeline, and develop improvements to our technology and the user experience we deliver.
Much of this work was accomplished backstage, as it were. But they also led to a number of positive events in 2021. We describe a few highlights below.
We became part of the Visa Partner Program.
The Visa Partner website describes Strivve’s services like this:
“Increase card usage and transaction volume by providing cardholders a way to instantly add or update cards online.” [Strivve is a] Visa Ready Fintech participant, Certified PCI Compliant, part of Visa projects to provide token and bill payment services.”
Visa highlighted the CardUpDatr app in particular. They liked how CardUpdatr can easily be embedded within a financial institution’s online and mobile banking applications.
They also liked how CardUpDatr handles the situation when a card has been lost, stolen, or compromised. The Strivve technology automatically updates the online merchant sites where the card has been stored. The cardholder’s information is changed at all the sites, and the whole process only takes a matter of minutes.
Compare this to the painfully slow process cardholders face when they’re forced to update the card information themselves one merchant at a time! This is where Strivve and CardUpdatr really deliver an exceptional customer experience!
In 2021 we made it possible for FIs to embed the CardUpDatr functionality.
In its original form, consumers had to follow two discrete steps to use CardUpDatr:
- Select the merchant sites where they wanted to place their card.
- Enter their credit card information, address, email, and other personal data to the merchant sites they selected in step one.
This works well, except we got feedback that cardholders weren’t happy. If they were already authenticated and logged into their online banking when they launched CardUpdatr, they wondered why it was necessary to re-enter information the site already had. It almost felt a bit like phishing to them.
In response to the feedback, we updated the product to allow banks to integrate the technology via CardUpdatr Embedded SSO (Single Sign On). This added functionality removed step 2 from the process.
The website authenticates cardholders when they log into their online banking. When this happens, the card details and cardholder information are shared directly with CardUpdatr. This means no more repetitive manual data entry and results in a markedly better cardholder experience.
Our first release of this implementation was in 2021. And because CardUpdatr can be implemented within every UX interface, it can blend seamlessly into every FI’s visual branding.
Strivve provides FIs with “focused point solutions.”
In March 2021, we were included in a major study report entitled, “Open Banking – Rearchitecting the Financial Landscape.” It was published by FT Partners Fintech Industry Research.
Strivve was highlighted as part of the “Focused Point Solutions” section. This section described fintech firms that offer a narrower point solution to a specific banking issue rather than an end-to-end platform solution. The report suggests the growth of open banking and the use of APIs made it possible for fintech firms like this to partner successfully with financial institutions rather than compete with them.
The report described Strivve as a firm that could “enable consumers to easily switch direct deposits and recurring payments from an old [card] account to a new one.” While Strivve can do more than this, it’s not a bad sound bite. The CardSavr and CardUpdatr applications provide cardholders with desirable benefits and excellent solutions to common card issues.
Contact Strivve to learn more about what our card services technology can do for your bank or credit union.
Strivve creates cardholder experiences to drive cards to the Top of Wallet®. The company’s payment-card solutions protect and increase card transaction volume for issuers. Strivve’s patented autonomous browsing technology, CardSavr, makes it simple for cardholders to update any card on any merchant site. You can learn more about Strivve at strivve.com. Or you can email info@strivve.com.