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Product Update: March 2022

Product Update: March 2022

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

In today’s update: Node.js client library, Authorization Rules, new KYC/KYB workflows, PINs on digital wallet cards, more RESTful API endpoints, our partnership with Mastercard, and more.

Also note that we recently rolled out some backward-compatible changes to our API that will apply to both our sandbox and production environments, as well as announced two breaking changes that will go into effect on September 20, 2022. Please review the changes and update your integrations accordingly.

Product Highlights

Build faster with our Node.js client library: We launched a server-side JavaScript client library to make it easier for developers to navigate the Lithic API.

Apply Authorization Rules to transactions: Auth Rules (beta) lets you easily set authorization logic on your transactions at the card, account, or program level. You can use these controls to allow or block transactions from specific countries and merchant types, as well as enable ZIP code checks on transactions.

New ways to onboard and verify customers: We expanded our identity verification solutions with new KYC and KYB workflows to make it easier for you to onboard customers without leaving the Lithic API.

Set PINs on digital wallets: Enterprise customers can now set PINs on digital wallet cards in the same way as for physical cards. This allows cardholders to pay with digital wallet cards when the merchant requests a PIN at the point-of-sale (e.g. grocery stores).

More RESTful Lithic endpoints: We recently updated some of the endpoints in the Lithic API documentation to align them with API best practices. Our existing endpoints will still be supported, but new feature development will be focused on the new endpoints.

ASA currency details: We added new fields to Authorization Stream Access and transaction event schema to capture local currency details of transaction events.

Shipping methods: We added more shipping methods that you can select from when creating physical cards: standard, standard with tracking, expedited. We also now support shipping physical cards to non-US addresses.

Company Highlights

Lithic’s new partnership with Mastercard: We’ve partnered with Mastercard to extend our Buy Now Pay Later (BNPL) capabilities. By leveraging the Mastercard Installments product, we’ll be able to use Mastercard’s network of 83 million merchant locations to offer BNPL experiences at scale.

Welcome Steven Goran, our new CFO: We hired former Bread and American Express executive Steven Goran as our new Chief Financial Officer. Steven is an industry veteran with 20+ years of experience in fintech and financial services. We're excited to welcome him to the team!

Upcoming Releases

Lithic Dashboard: ability to configure, monitor, and browse card programs more easily and support multiple users with different permissions levels.