New York, New York, November 20th, 2024, FinanceWire
Knot, a leading fintech innovator in card-on-file management, introduces Knot AccountUpdater™, an advanced solution designed to upgrade and synchronize card information across hundreds of online merchants instantly and effortlessly.
Over the past few years, Knot has been quietly building a suite of merchant connectivity products, and Knot AccountUpdater marks the beginning of rolling out these innovative tools to customers.
Knot AccountUpdater enables card issuers using Knot’s CardSwitcher™ product to update cardholder details—including card information, name, address, and phone number—across Knot-connected merchants with a single API call, requiring no effort from the cardholder. Whether it’s transitioning users from a debit to a credit card, changing processors, or managing cross-network updates and BIN range transitions, Knot AccountUpdater puts control back in the hands of issuers.
“Outdated payment details can disrupt the customer experience and create unnecessary friction for merchants and financial institutions,” said Rory O’Reilly, CEO and co-founder of Knot. “Knot AccountUpdater ensures cards are effortlessly synchronized across merchant platforms, enhancing reliability, boosting loyalty, and driving better outcomes for everyone in the payment ecosystem. Network solutions handle lost, stolen, and reissued cards effectively, and Knot AccountUpdater excels at cross-network updates and managing BIN range transitions.”
This solution redefines card-on-file management by focusing on real-time updates through a flexible and scalable design. Its bin-agnostic capabilities make it an ideal solution for issuers of all types, enabling seamless integration without costly overhauls. By integrating with Knot’s merchant connectivity network, Knot AccountUpdater ensures uninterrupted subscription services, online purchases, and recurring payments while simplifying the process for both cardholders and merchants.
Knot AccountUpdater is currently being rolled out to select beta customers and merchants, laying the groundwork for future Knot products that will expand on its robust merchant connectivity.
Financial institutions can rely on Knot AccountUpdater to minimize payment failures, build customer loyalty, and optimize interchange revenue. By utilizing Knot’s secure, user-friendly infrastructure, institutions can deliver a superior payment experience while meeting the demands of modern financial institutions.
For more information about Knot AccountUpdater and other Knot products, users can visit Knot.
About Knot
Knot is a leading fintech company specializing in card-on-file management. Knot offers secure, user-friendly solutions for banks and fintechs to automatically switch saved payment methods at the request of their cardholders. With Knot, card issuers can update card-on-file information instantly and seamlessly, enhancing the customer experience and driving increased interchange revenue from day one.
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