Ondot Systems Becomes the De Facto Standard in Consumer-Driven Card Controls and Alerts
Company launched its solution in the United States in 2014 and expanded worldwide serving over 1000 Banks and Credit Unions
BENGALURU, India, Oct. 27, 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. Having established partnerships with worldwide card processors and issuers, Ondot solutions have 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%.
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Over three million debit cards issued by public and private banks were compromised in India recently – eroding customer confidence, increasing fraud losses, and making a dent in an economy that is pushing for more digital transactions. Giving consumers control over their own payment instruments keeps them in the know and equips them with a powerful tool to specify when, where and how their payment cards can be used.
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.
"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 world-wide. With Ondot, card issuers can offer their own branded solution that gives consumers the confidence of being in control, and drives instant engagement at point of purchase while lowering the cost to serve and card misuse.
For more information, visit us online at www.ondotsystems.com or email us at [email protected]
About Ondot Systems
Ondot Systems brings together business and technology executives from payment, mobile, and security industries, with a shared vision for changing how consumers interact with their financial institutions. Ondot's solutions enable card issuers to empower their cardholders to be in control of when, where, and how their credit and debit cards can be used.
Ondot Systems has its corporate headquarters in San Jose, California, United States and its Asia Pacific regional headquarters in Bengaluru, Karnataka, India.
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