| Lithic

Lithic Product Update: May 2024

May 24, 2024

Nick Hu

Product Manager

Welcome to this edition of Lithic’s product newsletter, where we’ll cover some Lithic news, product updates, open roles, new podcasts, and more.

Lithic Offsite in New Orleans

The Lithic team gathered for a full company offsite earlier this month in New Orleans. We brainstormed new ways to deliver more value to our customers and had a blast touring the city.

We also enjoyed catching up with Lithic customers, fintech operators, and key partners at Stripe Sessions, Visa Payments Forum, and the UBS Fintech Conference.

New Guides 📚

We recently prepared a few guides to help fintechs navigate sponsor bank relationships and their processing needs.

Guide to choosing a sponsor bank: This guide includes a framework for considering sponsor banks' different stages of maturity, and features Shawnet Palmer, Lithic’s Head of Compliance, along with other industry experts such as Matthew Goldman of Totavi, Bryan Mulcahey of FS Vector, and Darin Petty of FinTech Tradecraft.
How to switch issuer processors: This guide covers key considerations and steps to take when contemplating switching issuer processors.
What card issuers need to know about 3DS: Lithic partnered with Payments Dive to put together a guide on 3-D Secure (3DS), an authentication process that card programs can use to reduce fraud risk.
Issuer Processors 101: Everything you need to know about issuer processors. From what they are to how they can help you grow your card program, to figuring out if your issuer processor is the best fit for you.

Customer Spotlight 🔦

In this edition, we’re spotlighting Mercury, which uses Lithic to power debit and credit cards.

Read more about how Mercury scaled cards with Lithic in our case study.

‍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.

Lithic Dashboard Redesigned

We revamped the Lithic Dashboard with a new navigation layout, dark mode, and many aesthetic improvements that make it easier and more intuitive to navigate. Check it out for yourself at app.lithic.com and review our Guides to learn more about how you can manage your card program with the Lithic Dashboard.

Sandbox Data Available in Dashboard

The Lithic Dashboard now includes Sandbox data. Sandbox is a test environment that provides a lot of the functionality of the Production API, including the ability to create test payment cards and simulate transactions.

With this data now available in the Dashboard, you can easily view your Sandbox cards, transactions, and disputes. You’ll also be able to simulate critical program activity such as card tokenizations, authorizations, and clearing events directly via the Dashboard.

ACH Prenotes Available for External Bank Account Verification

We launched the support of ACH prenotes to verify external bank accounts, which expands the set of use cases that can build their program on Lithic’s developer-first platform.

Learn more about how programs can verify external bank accounts in our Guides.

Digital Wallet Tokenizations Available via Dashboard and Webhooks

You can now view digital wallet tokenizations for any card and the details of an individual tokenization in the Lithic Dashboard. With visibility into the digital wallet lifecycle, you can provide better support for end-user accounts.

Read more about the various types of events you can receive via our Events API in our Guides.

Two New Webhook Types Available: Settlement and Financial Accounts

We’ve added two new webhooks to the Events API that allow you to receive more real-time data from the Lithic platform about activity taking place on your program.

Learn more about our Events API and how webhooks work in our Guides.

Open Roles 🤩

We are hiring for a few critical roles on the Lithic team, including:

New Podcasts 🎧

The Future of Ecommerce Payments with Tandym CTO Sairam Rangachari

Our host Reggie Young dives deep into the world of payments and e-commerce with Sairam Rangachari, the co-founder and CTO of Tandym.

Listen on Apple Podcasts, Spotify, or wherever you get your podcasts.

Compliance 3.0, the Future of Bank Sponsorship, and Lessons from Monzo with Cable CEO Natasha Vernier

Reggie is joined by Natasha Vernier, CEO and co-founder of Cable, to discuss the future of compliance in the fintech industry, known as "Compliance 3.0."

Listen on Apple Podcasts, Spotify, or wherever you get your podcasts.

Fleet Card Masterclass with Coast Founder Daniel Simon

Read the full interview or watch the interview here.

Or listen on Apple Podcasts, Spotify, or wherever you get your podcasts.