The recent retail data breaches are drawing attention to instant card issuance as a way to repair consumer relationships.
In the weeks following the Target data breach, which was announced shortly before the end of 2013, EFT Source nearly doubled its issuance rate for Card@Once, which enables financial institutions to use EFT's hosted software to power instant issuance at lower production and shipping cost.
The company is hoping to reach the large number of banks that are reissuing cards after the Target breach.
EFT's instant issuance process takes about a minute for consumers to activate their new card, instead of the normal wait of up to 10 days to receive an ATM, debit or credit card through traditional mail.
Last year, nearly 500 data breaches affected millions of consumers, EFT Source noted.
"With instant issuance, many of the pain points that the affected banks and credit unions felt were alleviated, proving that this technology is critical to quickly and seamlessly reissuing cards," says Bill Dinker, president of ETF Source, who says the addition of chip and PIN technology will lower fraudadding another benefit.