- Lithic Send is a new, standardized set of solutions for disbursing payouts, rewards, incentives, and rebates.
- Customers can significantly reduce their implementation efforts and move more quickly.
- Customers can use the pre-built offering off the shelf; build a fully customized solution; or do a mix of both.
- To learn more, sign up for the webinar on Tuesday, Oct 18 at 1 pm ET.
NEW YORK, Sept. 29, 2022 /PRNewswire/ -- Lithic, the leading card issuing API company, today announced Lithic Send, a new suite of products designed for companies that need a faster, more flexible way to build out card disbursement programs such as incentives, payouts, rebates, and rewards. These products include built-in tools that limit the number of integrations and custom development needed to bring these card programs to market, reducing implementation times from months to weeks or even days.
"The last 10 years have seen an explosion of innovation for card acquiring but very little for card issuing," said Bo Jiang, CEO of Lithic. "Flexibility and speed are two of Lithic's core differentiators, and Lithic Send is the first offering in the market to truly deliver both. Lithic Send is unique because it's both productized and flexible, so companies can use our modular infrastructure to build card programs that range from simple to sophisticated."
Until now, companies had two options for building card programs. They could choose a turnkey offering that covered a narrow set of use cases, or they could choose a completely customized, very expensive, and time intensive offering.
Lithic Send breaks this "either/or" model with flexible build options. Customers can:
- Choose a fully productized offering that works for a range of use cases off the shelf;
- Use Lithic's APIs to build a fully customized solution; or
- Do a mixture of both using Lithic's modular software to customize specific areas.
"Lithic Send is going to speed up the go-to-market for our virtual card rewards program by providing the infrastructure we need out of the box", said Mark Rawlins, Head of Product and Design at Previ. "We decided to partner with Lithic because of the reduced complexity of their approach and couldn't be more pleased with how the Lithic team is supporting us."
Creating a custom-built send program involves integrating with multiple vendors, mapping the card transaction lifecycle to an external ledger, and creating custom logic to bring the program to market—a process that can take several weeks of development.
Lithic Send alleviates weeks of development with built-in account opening, account funding, and balance tracking, so customers can launch and scale the disbursement card programs faster and more efficiently.
With Lithic Send, developers can build card programs for a range of use cases:
- Payouts like class-action settlements, clinical trials, and insurance claims
- Payroll like contractor wages, gig economy payments, and earned wage access
- Corporate incentives like loyalty, rebates, and rewards
Key features and functionality
- Create virtual, physical, or tokenized cards
- Check program and user-level historical and real-time balances
- Instantly disburse funds onto cards via API
- Programmatically set up card controls with custom logic around a variety of transaction data, including merchant category codes, point of sale information, address verification data, and other key fields
To learn more about Lithic Send:
- Read more on our blog
- Join us for a webinar on Tuesday, Oct 18 at 1 pm ET
- Reach out to [email protected] to talk about using Lithic Send to power your card disbursement program
- Meet with us at Money20/20 at booth #5130 or email us at [email protected] to set to set up a meeting in advance
Lithic builds payments software for developers. Companies of all sizes use our tools to move money, manage payments, and issue debit, credit, and prepaid cards. Our APIs are flexible and customizable because card programs aren't one size fits all. With Lithic there's no bank or vendor lock-in: bring your own, use our partners, and change whenever you need to. Lithic is backed by Stripes, Bessemer Venture Partners, Index Ventures, Tusk Venture Partners, AHCV, and Teamworthy Ventures. For more information, visit www.lithic.com.
Media contact: Clarissa Horowitz, [email protected]