Switch CEO Chris Hopen announced today that the company’s CardSavr API will leverage natural language processing to accelerate the process of managing cards on file and getting new and renewed cards provisioned with merchants. The technology will enable cardholders to use their voice to make commands to update autopay information, add a new card to an online account, and more.
“Switch has been preparing for the convergence of voice and fintech and brings an exclusive approach with our CardSavr API that can advance the evolution of voice technology and fintech,” Switch Co-Founder and CEO Chris Hopen explained. He pointed to the growing use of natural language technology to manage online payments and conduct other financial activities, and highlighted how easy it was for financial institutions to add these technologies to their solutions. “The CardSavr API can be implemented immediately into banking apps, website, and other financial technology platforms, without changing the inherent environment,” Hopen said.
Switch’s announcement came as part of a panel discussion on fintech and voice technologies at the VOICE Summit in New Jersey.
Tailor-made for a world in which the average consumer carries more than three credit cards and an ever-growing volume of commerce is taking place online via credit card, Switch’s CardSavr API empowers card issuers to get new and re-issued cards into circulation with online merchants immediately after activation. The API builds on the company’s previous success in providing solutions for consumers to make it easier for them to manage their credit card accounts.
“Switch offers the only automation platform that can power the entire virtual ecosystem with strategic, voice-first experiences that benefit consumers,” said Weber Marketing Group CEO Mark Weber. He added that the growth of voice payments is likely to “accelerate exponentially faster than mobile payments” and would contribute to both faster profit growth for companies and less friction for consumers.
Founded in 2014 and headquartered in Seattle, Washington, Switch demonstrated its platform at FinovateSpring 2016. Last month, the company, which has raised more than $1.9 million in funding, announced that its CardSavr API could be deployed to help card issuers transition to virtual cards.