How Stilt Accelerated the Debit Card Issuance Process

April 8, 2021
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Stilt launched their new product 80% quicker than they could have without VGS, and achieved PCI Level 2 compliance in just 1 week.

As we’ve shared before, rising fintech Stilt is on a mission to provide easier access to financial services to U.S. immigrants and the underserved. It may be hard to believe but most immigrants arrive in the US with no bank account, no debit card, or credit card. Maybe even more surprising, 14 million adult US citizens are unbanked.

Without citizenship or in-country financial history, traditional financial institutions aren’t running to offer financial services products either – at least without exorbitant fees and interest rates. For example, even with secure employment, an immigrant will have to wait six years to get a loan at a decent rate.

From Personal Loans to Debit Cards (and More)

Stilt’s first financial product was an unsecured personal loan for people with limited credit, with low interest rates and no hidden fees. As their customer base grew, the Stilt team got clear feedback that they needed even more banking services. One of the top requests was for debit cards. And so, Stilt decided to join the digital banking world.

They decided to offer a bank account customers could open online. In five minutes, users would have their new bank account and receive their debit card number immediately, in the Stilt app. But to show customers their debit card number, Stilt needed to secure PCI level 2 compliance.

PCI Compliance is Critical to Debit Card Issuance

When issuing a debit card (or any other payment card for that matter), PCI compliance is critical in several areas.

  • Application and On-boarding Process - you need to ensure that your customer PII data is protected from the point of application to issuing the card.

  • Transaction Processing - payment requests data from the payment network to your issuing payment processing platform and back must be secure

  • Account Management - sensitive data should be shielded while you service your customer accounts

Building PCI infrastructure in-house and running your own audit process is a heavy lift; it’s very expensive and takes months to complete.

Stilt Got their Debit Card to Market Fast by Outsourcing PCI

“What I have learned from experience is that compliance is a headache. With VGS, we were able to get running on the platform and become PCI level 2 compliant in less than a week, with very little effort on our part.”

Priyank Singh, Founder, Stilt

By using VGS, Stilt was able to launch their debit card product 80% quicker than they could have without VGS. They secured PCI Level 2 compliance and were live in just one week, without the pain of managing an audit internally, or diverted internal resources. In addition, VGS had the javascript Stilt needed to show the debit card numbers to their customers. Stilt’s debit card product is live and they are seeing the business scale.

To learn about how VGS can help you with your payment card issuing process, click here.

Ryan Ryan O'Leary

Director of Product at VGS

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