I am delighted to be involved in the launch of Sonar API, the Open, Programmable Card Network that can enable the democratisation of the world’s most valuable payments infrastructure. Introduced by Shipyard Technology Ventures, Sonar API is a pivotal step towards transforming the card services landscape.
A Seamless Solution for All Card Networks
Sonar is a fully-authenticated API designed to streamline and simplify all card network services and networks, making the complex world of payments more accessible, efficient, and user-friendly. This means a single point of access for identity verification, transaction notifications, virtual card numbers, risk scores, and an array of other essential services.
Unlocking New Avenues for Revenue
Institutions such as banks, fintechs, and governmental organisations now have the opportunity to unlock new revenue streams swiftly and with minimal effort. The versatility of Sonar API allows for a seamless integration process, sidestepping the typical challenges associated with lengthy internal development.
Practical Use Cases for Real Impact
The Sonar API can be utilised for an array of practical use cases, like the Buy Now Pay Later feature, which allows organisations to drive revenue uplift across their card base for both debit and credit customers.
The application also allows to roll out offerings specifically designed for users under 18, all through a single integration. This feature empowers cardholders to create and send virtual cards to their children.
Other use cases can include split transactions, rewards for loyal customers, extended warranty and insurance upsell, simplified expense management, and card activation.
Different Revenue Streams for Different Use Cases
Sonar API opens up avenues for multiple revenue streams from a single transaction and different value-based pricing scenarios. For example, a €1,200 purchase of a MacBook Pro at the Apple Store unfolds three distinct scenarios for revenue generation. First, under a Rewards scenario, there could be a reimbursement per transaction along with % of the reimbursement value. As part of the Buy Now, Pay Later (BNPL) scenario, A per transaction might be coupled with % of the loan amount. Finally, Scenario 3 entails insurance services, contributing of commission sales per transaction.
A New Era for Card Services
The launch of Sonar API marks a step towards a more streamlined and user-friendly card services landscape. By consolidating various card network services into one fully-authenticated API, the platform aims to simplify processes and foster practical applications for financial institutions. The introduction of features like Buy Now Pay Later and virtual cards for kids reflects a move towards more inclusive and versatile financial solutions.
