Case study Current cuts member inquiries by 5% following Visa DPS Forward integration

Current partnered with Visa DPS Forward to modernize its card processing, reducing costs, cutting member inquiries and enabling rapid innovation.

Challenge

Current, a fintech company founded in 2015, aimed to revolutionize the banking experience for everyday Americans underserved by traditional banks. To achieve this, Current needed a modern, cloud-native card processing platform that could integrate seamlessly with its proprietary core banking system. The challenge was to find a provider capable of delivering advanced API capabilities and supporting innovative card products while ensuring a smooth transition from its existing platform without disrupting member services.

Solution

Current partnered with Visa DPS Forward, a cloud-native issuer processing platform designed for modern digital banking cores. Visa DPS Forward offered REST APIs, enabling Current to integrate its core banking system and create unique card programs. Despite Visa DPS Forward not initially having the required API capabilities, Current collaborated with Visa to finalize the platform. After 16 months of meticulous planning and preparation, Current successfully migrated millions of card records to Visa DPS Forward using live card conversion, avoiding a mass card reissue and minimizing member impact.

“Right now, the market only sees the tip of the iceberg. We can't wait to unlock all the potential of this new partnership.”

— Trevor Marshall, Chief Technology Officer, Current

Results

The migration to Visa DPS Forward delivered significant benefits for Current:

• Cost Reduction: Current reduced card issuing and processing expenses.

• Improved Member Experience: Member inquiries decreased by 5% in the first week post-migration, with further improvements as additional data and features were utilized.

• Enhanced Capabilities: Access to tools like Risk Scoring and Visa Advanced Authorization (VAA) improved decision-making and reduced false declines. Current also deployed the Visa Digital Enablement SDK for in-app push provisioning in just six weeks, unlocking opportunities for future innovations like Subscription Manager and 3DS (3-D Secure protocol).

• 5% decrease in member inquiries within the first week of migrating to Visa DPS Forward.

• 6 weeks to deploy the Visa Digital Enablement SDK for in-app push provisioning.

• 16 months of meticulous planning and preparation for the platform migration.

About Current

Current is a premier U.S. fintech platform dedicated to empowering Americans in their pursuit of a brighter financial future. We strive to transform lives by offering innovative and motivational solutions tailored to our members' immediate needs, with the flexibility to evolve alongside them and unlock opportunities for enhanced financial growth.