SAN JOSE, Calif., Oct. 13, 2016 /PRNewswire/ -- Ondot Systems today announced that over 1000 banks and credit unions across the world now offer consumer-driven payment card controls and alerts solutions powered by its Mobile Card Services platform. With 7 of the top 10 card processors offering Ondot's solution with a cumulative coverage of over 15,000 card issuers and 250 million cards globally, Ondot has become the de facto standard for consumer-driven card controls. Ondot's customers have reduced fraud costs by as much as 40% and increased usage of their payment cards by over 23%.
Card Issuers that offer Ondot empower consumers to manage and control their credit, debit, and pre-paid cards.
- Cardholders can lock or unlock their cards.
- Cardholders can proactively set usage preferences for their cards: enable cards to only be active around their location, specify transaction types, merchant categories, and spend limits.
- Cardholders can receive, and respond to, instant interactive 2-way rich alerts.
- Cardholders can perform self-service actions such as capturing purchase receipts, initiating disputes, setting travel notifications, reporting lost/stolen cards, and many more control and card management self service capabilities.
- Primary account owners can control and monitor their dependents. Similarly, business owners can proactively control employees' card usage.
The solution is delivered to consumers either as a card issuer branded stand-alone application, or integrated into the issuer's existing mobile/online banking and digital wallet applications.
"Ondot is at the confluence of the payment and mobile channels, thereby bringing the power of the user's choice, user's location, and real-time user interaction to the payment authorization stream," said Rachna Ahlawat, Executive Vice President of Ondot Systems. "Consumers feel safe. Card issuers lower fraud, increase card usage, and drive contextual engagement. What's not to like when everybody benefits?"
The need to provide consumers with transaction visibility is being recognized industry-wide. Visa and Mastercard have issued mandates requiring card issuers to support the capability for cardholders to sign up for transaction alerts. Effective October 14, 2016, for Visa, and April 21, 2017, for Mastercard, every U.S.-based card issuer must give cardholders the option to register for some basic alerts. With Ondot, card issuers can meet and leapfrog the mandate requirements while offering their own branded solution that gives consumers the confidence of being in control, and drives instant engagement at point of purchase.
About Ondot Systems
Ondot Systems provides mobile payment card control services that decreases fraud and increases card usage for financial institutions worldwide. The white-labeled solution allows cardholders to be in control of when, where, and how their credit and debit cards can be used through their phone. Seven of the top ten card processors in the United States and 1000 financial institutions worldwide trust Ondot Systems to put fraud prevention in the hands of their cardholders.
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SOURCE Ondot Systems