Product Update: October 2022

Welcome to our monthly product update, where you can learn about new features, company highlights, and upcoming releases.

In this update: KYC-exempt account holder enrollment, flexible digital wallet card art, cardholder authentication fields in transactions, and Acquirer Reference Number (ARN) field in transactions. Last month, Lithic was featured in CB Insights’ list of the 250 most promising fintech companies of 2022.

We also just published a resource on marketing guidelines for card programs, which lays out guidelines to help you craft your card program’s marketing and public-facing materials

Product Highlights

KYC-exempt account holder enrollment: A new KYC-exempt workflow will be added to our Account Holders endpoint. If you have a pre-approved use case (e.g., authorized user cards), this update will allow you to create representations of your cardholders on Lithic without having to run those cardholders through a full KYC process.

Flexible Digital Wallet Card Art: A new digital_card_art_token field will be accepted in request payloads when creating or updating a card object. This will allow you to pass in a specific card art token to be associated with a card, which will determine the card art displayed when the card is added to a digital wallet.

Cardholder Authentication fields in transactions: We’ve added five new data fields in the ASA and transaction object schema that indicate whether a cardholder’s identity was considered verified due to 3DS or because the authorization originated from a digital wallet.

Acquirer Reference Number (ARN) field in transactions: We’ve added an ARN field to the schema for cleared transactions that you can reference in order to streamline your dispute and chargeback filing processes.

Upcoming Releases

Settlement API Closed Beta: Settlement API will enable you to programmatically retrieve your daily settlements. Using these new reporting endpoints, you can retrieve your total daily settlement for a given report date and a transaction-level breakdown of your daily total settlement. If you’re interested in participating in the beta, contact your account manager.

Network-provided risk score coming to ASA: Over the coming weeks, we will be adding the transaction-level risk score provided by the card networks to the ASA message. This will provide users with a valuable signal of the network’s view of the risk associated with a given authorization. Note that the availability of this data may vary by card program and can require additional work to enable.

Transaction Object Improvements: Over the next quarter, we will be rolling out a few improvements to the transaction object that users will see in both transaction webhooks and the transactions API. We developed these improvements based on customer feedback, and we believe will make scaling your card programs on the Lithic platform easier and more intuitive.

These changes will be available in sandbox for testing before any changes are deployed to production. Live and currently implementing customers will receive more information in the coming days about what to expect with these changes.

Fraud and Compliance Products: We are developing solutions to solve fraud and compliance monitoring problems for Lithic customers. If you would like to join our advisory council on this topic please reach out to your Lithic point of contact for more information.

New Resources

Guide to bank partnerships: A primer on fintech bank partnerships, how to select a bank partner, and tips for negotiating your term sheet.

Marketing guidelines for card programs: Lays out marketing guidelines to help you craft your card program’s marketing and public-facing materials (e.g., website, press-release). It contains best practices to help you comply with laws and other obligations based on the type of message.

API Quick Start Guide: In case you missed it, we published a Quick Start Guide in our API docs to facilitate faster onboarding and low-friction testing of our product.