Lithic Product Update: February 2024 | Lithic

Lithic Product Update: February 2024

February 26, 2024

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Reggie Young
Senior Product Counsel

Table of Contents

This edition of Lithic’s product newsletter covers:

NY Open Bar Happy Hour 🍸

If you’ll be in NY and want to connect with other fintech folks, we’re co-hosting a happy hour with Ingo Payments at Keens Steakhouse on Wednesday, February 28. There’ll be an open bar and hors d'oeuvres. You can RSVP here.

The New Generation of Issuer Processing 💳

Like many business models, card issuer processing has gone through change and growth over the years. The best way to think about the changes is that there have been three “generations” of issuer processors:

  1. Legacy core banking providers – built for and distributed only through traditional banks.
  2. Non-bank oriented issuing platforms – these bundle card program management services and were the first forays into card issuing that can support nonbank fintechs.
  3. Developer-first issuer processors – like Lithic, these are purpose-built platforms that give card programs high levels of observability, control, and flexibility, and have unlocked a new wave of card issuing innovation.

There are some unexpected concrete examples of how observability, control, and flexibility matter for anyone that wants to issue cards today. You can find out what they look like by reading the recent blog by Nikil Konduru, Lithic’s GM of Startups, on Developer-First Issuer Processing.

Lithic Product Updates 🚀

We’ve made a host of product improvements to better support and enable your card program. Here’s a round up of everything we’ve shipped since the last product newsletter.

Card Renewals, Replacements, and ABU

We’ve released new API endpoints that enable card programs to more intuitively replace and renew physical cards. Replacing a physical card is recommended in lost or stolen card cases, while renewing is recommended when a card is approaching its expiration date.

Additionally, when these endpoints are used on Mastercard programs, the card’s new details will flow through to Mastercard’s Automatic Billing Updater (ABU), which automatically updates cards on file with participating merchants.

Read about it in our changelog.

Detailed Results in Transactions

We’ve added a field to the transaction object that gives card programs much more data granularity and visibility into why a transaction is declined. This new field will let card programs see which type of account spend limit was exceeded (daily, monthly, lifetime) that caused the transaction to be declined, or that the card used in the transaction has expired.

You can read more in our changelog.

Multi-Program Support in Dashboard

We’ve added the ability to manage multiple card programs from our dashboard. As the Lithic platform and our customers have grown, some customers have added on new card programs as they’ve expanded their own businesses.

You can read more here.

ASA Retries

We made further improvements to our retry mechanism for our Auth Stream Access (ASA) product. This allows our customers to minimize the number of unnecessary card declines due to connectivity issues between their systems and the Lithic platform.

You can read more in our changelog.

Greater Data Granularity in the Settlement API

In order to provide increased visibility into and more robust analysis of settlement activity, we’ve added more granular data to our Settlement API.

You can read more in our changelog.

Apple Pay Visa Push Provisioning

Lithic now supports push provisioning for Apple Pay on Visa cards. This allows card programs issuing on Visa to enhance and simplify the digital wallet provisioning process.

Multiple Operating Accounts

For programs using our Accounts product suite, we currently provision issuing, reserve, and operating accounts at various entity levels in order to support the operations of various use cases.

Card API Improvements

We’ve updated our API to give users programmatic access to key configurations on their card programs.

Open Roles 🤩

We currently have a host of roles open, including:

New Podcasts 🎧

Jas Randhawa, founder of the fintech risk and compliance consultancy StrategyBRIX, joined us to talk about the current bank sponsor scrutiny. Listen on Apple Podcasts, Spotify, or wherever you get your podcasts.

Other News 🎉

Lithic was named to the 2024 Fintech Innovation 50 to recognize the most promising fintech companies in the eyes of startup investors.