Card issuing with Pismo

In the card system, Pismo acts as a processor for card issuers. The Pismo platform holds the ledger for card transactions and enables transaction processing.

Card authorization and transaction participants include:

  • Cardholder – Person authorized to use a card.
  • Merchant – Store or vendor authorized to receive card payments from its customers pursuant to an agreement with card brands.
  • Network – Company that processes card payments worldwide such as Visa and Mastercard. Networks are also called card schemes.
  • Issuer – Financial institution that issued the card used in a transaction. Issuers are usually banks, but they can be other types of financial entities, such as fintechs.
  • Acquirer – Financial institution that receives the payment authorization request from the merchant. Acquirers are usually banks, but they can be other types of financial entities, such as fintechs. For simplicity, the acquirer is sometimes referred to as the merchant's bank, although it doesn't have to be a bank.
  • Third party processors – Companies that help banks and other organizations to set themselves up as card issuers. They often handle much of the processing that would otherwise fall on the shoulders of their clients. Pismo falls into this category.

Different financial institutions offer different sets of services. A financial institution can be both an issuer and an acquirer, but that's not always the case. For example, most banks need to handle credit card transactions, but many do not issue credit cards.

Before launching your card issuing program, you must coordinate with Pismo to orchestrate multiple ongoing payment services and activities.

Card networks Pismo supports

  • Visa
  • Mastercard
  • ELO - Brazilian network with international reach through association with Discover
  • RuPay - Indian payments and financing

Getting started

Becoming a card issuer with Pismo involves a number of steps, and it's important to follow the proper procedures to ensure compliance with financial regulations and industry standards. Here's a general guide on how you can become a card issuer with Pismo. Your Pismo representative can help you throughout the process.

Step 1 - Research and understand regulations and legal compliance

Familiarize yourself with the financial regulations and compliance requirements in the regions where you intend to issue cards. Different countries may have specific rules and regulations governing financial services. Ensure that your business complies with all legal and regulatory requirements. This may involve obtaining necessary licenses and approvals from regulatory authorities. Pismo can provide guidance on compliance issues.

Step 2 - Business planning

  • Develop a comprehensive business plan that outlines your goals, target market, revenue model, and growth strategy. Clearly define the types of cards you want to issue (debit, credit, prepaid) and any additional features or services.
  • Research the market and your competition, this can help in finding a new niche, innovative product, or leveraging an existing business.
  • Define your network strategy - this has business implications in how you're remunerated and the certification process.
  • Build a team to manage the business.

Step 3 - Work with Pismo

  • Pismo can guide you through the setup process. This includes the process to become card network certified, which can take up to 6 months, and choosing the Pismo card network integration model you want to implement.
  • Work with a Pismo representative to set up your organization and programs. Once you do that, you can Create accounts and Create customers. See Core objects for more information and getting started. The Pismo Control Center allows you to do a lot of this setup through a convenient UI.
  • Work closely with Pismo's technical team to integrate their platform with your systems. This involves using Pismo APIs for card issuance, transaction processing, and other related functionalities.

Step 4 - Product setup

Customize the card programs based on your business requirements. This may include designing card features, setting spending limits, and defining other parameters.

Step 5 - Testing

Thoroughly test the integrated system to ensure that it meets all security and functionality requirements. This may involve testing transactions, card activations, and other key features.

Step 6 - Launch and marketing

Once testing is successful, launch your card programs. Develop a marketing strategy to attract customers and promote your card offerings.

Step 7 - Customer support

Set up customer support channels to assist cardholders with any issues or inquiries. This is crucial for maintaining customer satisfaction and trust.

Step 8 - Monitor and optimize

Continuously monitor your card programs' performance, and work with Pismo to optimize processes, address any issues, and introduce new features or products based on market demands.

Remember that the specific steps may vary based on your location and the nature of your card programs. Always seek legal and regulatory advice to ensure compliance throughout the process.