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COMPANY detail
THIRD NATIONAL Seamless card issuing for citizens and business
THIRD NATIONAL
Company Overview.
Year Founded
NOT DISCLOSED
Status
Private
Specialties
Card Issuer, BaaS
Company Size
NOT DISCLOSED
Industry
Financial Services
Location
Puerto Rico
Description.
Third National, legally Nimbus LLC, is a licensed Money Transmitter in Puerto Rico (NMLS #2612780, License #TM-0207) and an issuer on the Visa Network. It provides a B2B API platform for card issuing, program management, compliance, and settlement — enabling fintech platforms to launch white-label prepaid and debit card programs in days rather than months. The company supports both consumer and business card accounts, USD and USDC funding, physical and virtual card issuance, and Apple Pay/Google Pay integration. Its terms reference revenue sharing, settlement reserve management, and comprehensive compliance oversight as core infrastructure services.
Founded date is not publicly disclosed. The company operates under Nimbus LLC, compliant under Puerto Rico's Act 136 of 2020 and Regulation 9393. No public funding rounds, team size, or transaction volume data is available. Confirmed client: OrbitX (OrbitX Spend Card terms explicitly name "Third National" as issuer, see OrbitX card holder agreement at bridge.xyz). The platform supports multi-currency accounts, stablecoin reserve settlement (USDC), and program-level daily spending limits.
Key Infrastructure.
Card Issuing (Visa Network)
Third National is a direct issuer on the Visa Network, enabling partner platforms to issue virtual and physical prepaid and debit cards to consumers and businesses. Cards can be added to Apple Pay and Google Pay wallets for seamless mobile spending at merchants worldwide wherever Visa is accepted.
Program Management Platform
A comprehensive B2B API platform providing program management, compliance oversight, KYC/AML onboarding, transaction monitoring, customer service management, UX review and approval workflows, marketing material approval, and regulatory reporting for card programs. Platforms launch in days rather than months using the managed infrastructure.
Settlement & Reserve Management
Manages program-level settlement accounts, reserve balances, and daily spending limits across entire card programs. Supports traditional bank account funding (ACH) and USDC smart contract-based settlement. Reserve balance requirements enforce program-level risk controls with automated monitoring.
Compliance & Regulatory Infrastructure
Built-in compliance framework covering US financial services laws, anti-money laundering (AML), sanctions screening, KYC identity verification (including liveness checks for international users), and Cardholder dispute resolution. Handles Critical Change requirements from regulators and payment networks.
Revenue Share & Billing
Manages interchange revenue sharing between Third National and partner platforms based on monthly interchange-eligible transaction volume, net of third-party processing fees, network fees, and chargebacks. Platform fees are structured per agreement with partners rather than publicly disclosed tiered pricing.
End-User Program Reselling
Enables approved partners to resell card issuing services to their own end-users through a sub-licensing model with required End User Agreements. Partners handle their own customer support operations under Third National compliance specifications.
Additional Features.
UX/UI Review & Approval
Third National reviews and approves all program-related UX/UI designs, cardholder agreements, ACH authorizations, and privacy policies before partners can issue cards to end users, ensuring regulatory compliance.
Marketing Material Approval
All partner marketing materials must be approved by Third National in writing before use. If materials risk violating laws or network rules, Third National can suspend marketing until materials are corrected.
Program Audit Rights
Third National and partner banks retain the right to inspect, audit, and examine all partner facilities, books, records, financial reports, and data security programs at any time during normal business hours with reasonable notice.
Security Incident Response
Partners must report security incidents within 48 hours. Third National collaborates on corrective actions and controls public disclosure content to minimize adverse impact on the card network and partner banks.
Stablecoin Settlement Option
In addition to traditional bank account funding, partners can fund card programs using USDC via smart contracts, enabling crypto-native platforms to settle program spend on-chain.
Cardholder Lifecycle Management
Platform manages full cardholder lifecycle including account creation, ongoing KYC monitoring, dispute resolution, account freezing, and card cancellation — all through API integration with Third National's backend.
GENERAL Questions.
What does this company do?
Third National is a B2B card issuing platform. It provides an API and program management service that lets fintechs and platforms launch their own branded Visa prepaid and debit cards without becoming a licensed issuer themselves. Third National handles the regulatory compliance, settlement, KYC/AML, and card network relationships.
Who are their main clients?
OrbitX is the only publicly confirmed client (Third National is named as the card issuer in OrbitX's card holder agreement). The homepage says "trusted by top teams" and "leading platforms" but does not name specific clients beyond OrbitX.
Are they licensed?
Yes. Nimbus LLC dba Third National is licensed as a Money Transmitter by the Commissioner of Financial Institutions of Puerto Rico (NMLS #2612780, License #TM-0207), compliant under Act 136 of 2020 and Regulation 9393.
What blockchains/stablecoins supported?
USDC is supported as a settlement option — partners can fund reserve balances via smart contracts. The platform is primarily fiat-based (USD) with USDC as an alternative settlement method. Specific blockchain networks are not disclosed.
