US-based digital banking solutions provider Ondot has announced the availability of its white-label Mobile Card Services across Asia, which seeks to enable banks in the region to give customers the control and security they seek over their credit and debit cards.
Ondot's Mobile Card resides in the card issuer's data center, creating an interplay between the user, payment, and data in real-time. As a result, consumers can use mobile applications to control when, where, and how their payment cards are used; and card issuers can anticipate and create personalized cardholder journeys.
"We use our own personal experiences and needs as cardholders to drive the product innovation.I travel a lot -- I want a solution that knows where I am so my card works around me, prompts me to customize my preferences, detects when I am back home, and helps me categorize transactions -- a personal assistant that anticipates my actions and solves a need,” Ondot Systems EVP Rachna Ahlawat said.
"In addition, if I get a transaction alert for a purchase I did not attempt, I want to initiate a dispute instantly. This action usually shuts off the card in the bank systems; but I don't want to be left without a payment card to use till I reach home. With Ondot's safe mode card controls, we can enable this capability -- converting an unpleasant event into a positive experience for the cardholder by combining security and convenience."
Ondot product suite for consumers includes:
- Card Control: Preferences for card by location, merchant categories, transaction types, spend limits, and on/off switch -- for increased confidence in card usage.
- Card Connect: Guided self-service for all card management, such as transaction alerts, travel events, two-way fraud alerting, dispute initiation, reporting lost/stolen card, PIN reset, card activation -- for instant action on-the-go.
- Card Assist: Contextual advice and messages based on location, preferences, and purchase history -- for security, engagement, and commerce.
- Fone Pay: Instant digital card issuance, provisioning card into phone wallets, virtual card number and dynamic CVV -- for secure online purchases while reducing payment friction.
Ondot's administrative product suite for card issuers includes:
- Data Insight: Enhanced merchant and transaction details combining crowd-sourced data enrichment and user activity -- provides cleansed merchant information to improve monthly statements, fraud strategies, chargeback and merchant-level controls.
- Consumer Services Platform: Micro-services platform for rapid development and deployment of real-time consumer services on legacy systems.
Ondot's consumer product suite integration into mobile and online banking is available via API, SDK, HTML5, as well as bank-branded companion application or stand-alone application.
"The payment landscape is evolving rapidly in emerging markets like ASEAN. Banks can provide a holistic experience to consumers and deliver new products and services over legacy systems in a cost-effective and timely manner using new micro-service platforms. Partners like Ondot enable banks to stay as innovation leaders while bringing in the best of fintech into banking," Bangkok Bank CIO Ian Guysaid.
First published in FinTech Innovation