Switch, Inc. to Bring Financial Institutions Stronger Black Fridays and Prevent Lost Revenue from Credit Card Replacements and Cyber Breaches

Holiday 2017 Cyber Shoppers Can Now Try Switchme.com as a Convenient,
Secure Way to Manage Online Accounts in One Place

SEATTLE–(BUSINESS WIRE)–#banking–Switch, Inc., a Seattle-based financial technology company, promises to
make the holidays brighter for online consumers and Black Fridays a
little greener for retailers and financial institutions.


Switch provides a proprietary application of machine learning technology
to help buyers conveniently and securely manage all of their online
payment accounts and credit cards in one place. The company announced
today that it is offering this year’s online Holiday shoppers access to
an early
version
of its platform (www.switchme.com).

The new technology, which acts as an automated assistant to update all
consumer online payment accounts, will help redeem millions of lost
purchasing dollars for financial institutions and retailers, who are hit
hard when consumer credit cards are out of circulation – especially
during the holidays.

Switch provides the first comprehensive approach to solve the
card management and replacement problem for consumers, card issuers and
merchants, and for the first time in the industry, Switch helps everyone
in the financial ecosystem win with one easily integrated solution.

“Financial institutions and retailers are losing significant revenue due
to lost or stolen credit cards out of circulation, and consumers are
looking for an easier and safer way to track all of their card-on-file
accounts in one place – rather than worrying about monitoring several
cards across several banking or retail institutions,” said Switch
Founder and CEO Chris Hopen. “The holiday season is the busiest shopping
season of the year, making our platform even more applicable to the
success of the retail market and safety of online consumers.”

Financial industry statistics and consumer spending behaviors illustrate
that Switch provides a timely and much-needed technology platform to
address the following issues:

  • 70%
    of customers don’t change cards on file unless there is a trigger.
    Buyers can go for extended periods of time not knowing that their
    cards are outdated or might be compromised online – leading to
    possible fraud, late payments and other events that can hurt personal
    finances. The behavior also takes a bite out of the bottom lines of
    retailers and financial institutions.
  • On average, there are 130
    online accounts
    per email address. Most consumers forget about the
    online accounts they’ve opened with credit cards and don’t know where
    to begin to update their digital purchasing footprint.

Switch is the only cardholder solution that integrates machine
learning, crowdsourcing, and robotic process automation (RPA) technology
to seamlessly implement and scale without upending current financial
infrastructures, and improves customer experiences. The technology
doesn’t require opt-in integrations with individual merchant sites,
processors, acquirers or card networks.

“The Switch credit card management breakthrough is important because our
approach provides an easily applied, quickly adopted and economical
solution that is consolidated in one place for users,” added Hopen.

Hopen is a technology veteran and entrepreneur who also founded Tappin,
which was acquired by Globalscape in 2011. Hopen was also the Co-founder
and Chief Technology Officer of Aventail, one of the first SSL VPN
companies. Aventail was acquired by Sonicwall in 2007.

Sign up for Switch to make holiday online shopping easier and safer.
Visit www.switchme.com
to learn more and sign up.

About Switch, Inc.

Headquartered in Seattle, Switch is the fastest and easiest way to sign
up, sign in, checkout, and switch payment methods across thousands of
your favorite websites. The company’s secure, proprietary and
patent-pending automation technology gives users the ability to manage
and update all of their online accounts in one place. You can learn more
about Switch at switchme.com
or follow the company on Facebook
and Twitter.

Contacts

Switch, Inc.
Katherine Chavez, 425-522-3683