Ondot Introduces Digital Card Services Platform

Winner of Best of Show awards at FinovateSpring and FinovateMiddleEast, Ondot Systems has launched its digital card services platform. The new offering provides card issuers with full digital card life-cycle management – from initial invitation through secure payments – in a single platform.

“In a digital-first world where payments are becoming invisible and consumers expect instant gratification, card issuers must attract, acquire, and empower consumers with personalized digital experience,” Sung-Wook Han, CTO for Ondot, explained. “Ondot provides a comprehensive set of services around the ‘digitized card,’ integrating into existing mobile apps, card management systems, and authorization platforms.”

Ondot CEO Vaduvur Bharghavan demonstrating the Ondot Digital Card Mobile App at FinovateSpring 2018.

Ondot’s latest solution takes advantage of social networking and bot technology to enhance the customer acquisition, application, and KYC processes. Approved cardholders get instant digital card issuance with dynamic security codes (CVV2) to support secure e-commerce, and the ability to make in-app push provisions to digital wallets. Ondot also brings to bear its innovations in card control technology, enabling cardholders to control how and when their cards can be used. Cardholders can also set spending limits, location parameters, and allow or block transactions with specific merchants.

Ondot’s latest offering can be integrated into current mobile banking apps via APIs/SDKs, or accessed as a white label mobile app with customized branding. The platform supports credit, debit, and prepaid cards, including Visa, Mastercard and private label cards.

Headquartered in Santa Clara, California, and having offices in Bangalore, India, Ondot Systems made its Finovate debut in 2014. At the event, the company won Best of Show for a live demonstration of its Mobile Card Services solution. More recently, Ondot participated in our inaugural FinovateMiddleEast conference in February, demoing its Digital Card Mobile App. The company followed its Best of Show winning demonstration with news that it was bringing Mobile Card Services to customers in Asia.

Last month, Ondot celebrated a major milestone by having 3,000 financial institutions offer mobile card controls powered by its technology. Founded in 2011, the company has raised $28 million in funding. Vaduvur Bharghavan is CEO.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Ondot to Bring its Mobile Card Controls Technology to Asia

Ondot Systems has followed up its Best of Show winning demo from FinovateMiddleEast last month with news that the company is expanding to reach even more customers around the world. The company’s Mobile Card Services solution, a white-label product that gives cardholders control over their payment cards and provides issuers with opportunities to create personalized journeys for their customers, will soon be available to FIs and customers in Asia.

“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,” said Ian Guy Gillard, CIO of Bangkok Bank. “Partners like Ondot enable banks to stay as innovation leaders while bringing in the best of fintech into banking, Gillard said. Bangkok Bank is the biggest commercial bank in Thailand, and is one of the largest banks in Southeast Asia.

Millions of users at 3,000 banks and credit unions around the world rely on Ondot’s card controls technology to manage when, where, and how their cards are used. Banks typically have seen increased card usage by 23%, fraud costs reduced by 25%, and false declines lowered by 16% within a year of integrating Ondot’s technology. In addition to Card Control, Ondot’s consumer facing product line includes Card Connect, guided self-service for card management including transaction and fraud alerts and dispute initiation; Card Assist, which provides contextual advice and messaging based on location, preferences, and purchase history, and Fone Pay, which provides instant digital card issuance and provisioning cards into phone wallets.

Administrators get access to data insights from the platform including enhanced merchant and transaction information that leverages both crowdsourced data enrichment and user activity, as well as a consumer services platform to support rapid development and deployment of services on legacy systems.

“We use our own personal experiences and needs as cardholders to drive the product innovation,” EVP for Ondot Systems Rachna Ahlawat said. “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.”

Ahlawat also pointed out an example of the kind of circumstance that cardholders experience that Ondot’s technology helps them manage. “(If) 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.”

Founded in 2011 and headquartered in San Jose, California, Ondot Systems demonstrated its Card Control technology at the inaugural FinovateMiddleEast in February, winning Best of Show. The company followed this with an appearance the following month at FinovateEurope, where CEO and co-founder Vaduvur Bharghavan demonstrated how the technology leverages the smartphone to give cardholders a “remote control” over their credit and debit cards. Videos from both events will be available soon.

FinovateEurope Sneak Peek: Ondot Systems

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Ondot Systems, an innovative fintech company, brings together experts from mobile, security, and payment card industries to transform how consumers interact with their financial institutions. Ondot’s mobile application lets you control and personalize your card and that of your dependents – setting spending limits, specifying preferences around transaction types, merchants and locations.

Why it’s great
Ondot’s innovative Mobile Card Services enable consumer control over payment cards, helping reduce fraud, banks’ support costs and increase card usage.

Presenter

Gary Singh, VP of Marketing
Singh has extensive specialist knowledge of the IOT market, mobile technologies and marketing and digital payments.
LinkedIn

FinovateMiddleEast Sneak Peek: Ondot Systems

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Ondot Systems, an innovative fintech company, brings together experts from mobile, security, and payment card industries to transform how consumers interact with their financial institutions.

Features
Ondot’s mobile application lets you control and personalize your card and those of your dependents – setting spending limits, specifying preferences around transaction types, merchants, and locations.

Why it’s great
Ondot’s innovative Mobile Card Services enable consumer control over payment cards, helping reduce fraud, bank support costs, and increase card usage.

Presenter

Gary Singh, Vice President of Marketing 
Singh has extensive specialist knowledge of the IoT market, mobile technologies, marketing, and digital payments.
LinkedIn

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Ondot Systems Unveils Card Control Integration Platform

Card control innovator Ondot Systems released its multi-interface card control integration platform today. The San Jose, California-based company, which won Best of Show at FinovateSpring 2014, has combined a server-side API, mobile apps, and an HTML5 framework to give FIs the ability to add card control technology to their mobile banking solutions. “Much as Facebook Messenger fits completely within Facebook, Ondot’s Mobile Card Services platform can sit perfectly within any financial institutions’ mobile banking app,” Ondot Systems Senior Director of Product and Professional Services, David Golden said. “(This) drives more mobile engagement as consumers establish their own card usage preferences.”

Golden credited mobile card control services for providing banks with average revenue gains of $30 per user per year, and emphasized the importance of a friction-free experience to ensure continued – to say nothing of increased – card usage. “When it comes to delivering a great customer experience, consumers demand seamless performance from all of their banks’ mobile services,” Golden said. And seamlessness, he added, was key to enabling FIs to “benefit from increased card use, reduced card fraud, and greater digital engagement.”

Pictured: Ondot Systems Executive Vice President Rachna Ahlawat demonstrating Ondot’s Mobile Card Services at FinovateAsia 2016.

Each component of Ondot’s Card Control platform is designed to make card control services an easy feature to be added by FIs and used by consumers. The server side API gives FIs the ability to establish the look and feel of the solution, while the HTML 5 framework means that going forward banks will be able to introduce new card control features faster. And by locating the card controls app inside the FI’s mobile banking app, the services are accessible via the same single sign-on process. This ensures that bank customers enjoy a consistent UI and UX across all mobile devices. Also available as a customizable, white-label, standalone card control app, Ondot’s mobile platform provides a range of card services including on/off switching, spending limits, fraud alerts, as well as geolocation-, transaction-, and merchant-specific controls.

Founded in 2011 and headquartered in San Jose, California, Ondot Systems demonstrated its Mobile Card Services at FinovateAsia 2016. In May, Ondot and fellow Finovate alums Malauzai Software and Vantiv teamed up to offer a youth spending solution, Family Manager: SmartKid Control. The company has raised $28 million in funding, including a $10 million venture round in 2016. Ondot shared its thoughts on the challenge of “friendly fraud” and the solution of mobile card controls in a guest post for Finovate earlier this month.