CPI’s Instant Issuance Tech Proves Value for Bank after Breach
They say the proof is in the pudding. For CPI Card Group, it’s a case study showing how its instant issuance technology [email protected] saved an issuer significant time and money—and improved customer satisfaction—when it had to replace nearly 800 cards after customers were affected by a retail data breach.
Within four months of implementing CPI’s instant issuance solution, northeast Indiana-based Farmers & Merchants Bank put its [email protected] printer to work, printing 1,189 EMV chip debit cards across its four branches. During this mass reissue of cards for the 4,000-customer community bank, Farmers & Merchants simultaneously migrated all customers to the new EMV standard.
Following a previous retail breach, customers had waited the traditional seven to 10 business days to receive their cards, disrupting overall card usage, while the bank absorbed both printing and mailing costs of card and separate PIN mailers.
With the expedited, onsite issuance this time around, Farmers & Merchants Bank was able to immediately replace customer cards, while saving approximately one dollar for every card printed, according to the case study.
Littleton, Colo.-based CPI also recently launched a new instant issuance product, Precision [email protected], for which it worked with France-based card printer company Evolis. The system features “a color touch screen display, which allows users to more easily track the progress of the printing process and manage any maintenance updates as needed,” CPI said.
What’s more, patented technology from Evolis “masks any residual sensitive cardholder information on printing ribbons—eliminating the need for financial institutions to shred them.”