The new processing capabilities were built using Mastercard’s Cloud Edge, and open banking platform.
PALO ALTO, Calif. (October 24, 2023) Deserve, a mobile-first credit card issuing platform, announced today the launch of new digital processing capabilities on the Deserve platform that can provide direct connectivity for mobile apps or software development kits to the Mastercard network. Financial Institutions of all sizes, including credit unions and banks, can use these new capabilities to offer innovative products and experiences designed to reduce operational complexity and enhance outcomes.
The Deserve platform is designed to eliminate the obstacles of traditional credit card issuing by offering a full-stack platform aimed at providing an exceptional mobile-first customer experience, top-of-wallet benefits, and advanced fraud protection. With the Deserve platform, regional banks and credit unions can issue consumer and small business credit cards with configurable modules in origination, underwriting, rewards, credit policies, and fraud. The new mobile-integrated, issuer processing capabilities are built with Mastercard’s Cloud Edge, a single point of connectivity to Mastercard products and services, offering robust security features, and the potential for scalability as well as Mastercard’s open banking solutions, delivered by Finicity, a Mastercard company.
“We’ve had a long-standing relationship with Mastercard and are thrilled to be offering digital credit card processing capabilities,” said Kalpesh Kapadia, CEO of Deserve Inc. “This is the latest in a series of collaborations that we have had with Mastercard in advancing digital issuing. These new platform features will enable regional banks and credit unions to use digital processing capabilities to enhance credit card offerings for their customers and members.”
“As consumers have moved to mobile in all aspects of their lives, offering mobile-native capabilities in identity verification, real-time interactions and controls, geo-location, and more, are helping to redesign card products for an evolving user base,” said Rajan Annadurai, CTO of Deserve Inc.
Tim Montgomery, SVP, North America Digital Partnerships at Mastercard added, “We are thrilled to engage with Deserve on its new processing capabilities which will help deliver modern digital card issuance experiences to banks, fintechs, and their cardholders. By leveraging cloud-based connectivity through Cloud Edge, tokenization services through MDES, and open banking solutions powered by Finicity, the Deserve platform leverages the power of Mastercard and is designed to provide seamless account opening and card provisioning solutions backed with robust security features.”
Deserve Inc. is a mobile-first credit card platform and issuer processor built on a cloud-native and API-enabled architecture, which allows partners to offer superior personalized experiences for cardholders. We partner with financial institutions, fintechs, lenders, and merchant co-brands. Deserve Inc. is a venture-backed fintech headquartered in Palo Alto, California.