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.


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

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.

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.


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

Finovate Alumni News

On Finovate.com

  • Bill.com Discloses September Investment Round, Doubles Total Funding.
  • SocietyOne Tops $350 Million in Loans.
  • Baker Hill Forges Partnerships with Allied Solutions, Experian.
  • Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters.

Around the web

  • Fenergo announces partnership with four of Australia’s top five banks.
  • ACI Worldwide launches UP Real-Time Payments Solution.
  • Credit Agricole and TransferGo join Ripple’s blockchain network, boosting membership to more than 100 institutions.
  • Thomson Reuters unveils Fixed Income Callouts, a trading app for African bond markets.
  • Ondot Systems to provide two-way fraud alerts for debit cards processed by payments provider, Elan Financial.
  • Pendo Systems adds 25-year banking veteran Bill Woodley as a non-executive director.
  • Megabuyte initiates coverage of Xceptor with “superior” rating.
  • nCino enhances Treasury Management Sales and Onboarding Solution for greater flexibility, configurability and speed.
  • NuData picks up leader award from Javelin Strategy and Research.

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.

Finovate Alumni News

On Finovate.com

  • Avoka Reports Record Growth for Second Consecutive Year.
  • Blackhawk Network Acquires CashStar in $175 Million Deal.
  • Temenos to Power Cloud-Based Lifecycle Management Suite for Baxter Credit Union

Around the web

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • Alaska USA FCU chooses Ignite platform from banking solutions provider Jwaala.
  • Ondot Systems joins Symitar Vendor Integration Program (VIP).
  • Tavant Selected by Newfi Lending To Provide Next-Generation Digital Platform.
  • Plaid delivers bank account integration to enterprise developers.
  • Personal Capital Reaches $5 Billion in Assets Under Management.
  • PayPal launches Mastercard– it’s first cashback credit card offering.

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 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.

Finovate Alumni News

On Finovate.com

  • SuperMoney Launches Auto Loan Offer Engine.
  • Ondot Systems Unveils Card Control Integration Platform.

Around the web

  • Frost & Sullivan recognizes Mambu with the 2017 Europe Growth Excellence Leadership Award.
  • Fiserv acquires Dovetail Group Limited, a payments and liquidity management company.
  • New token sale from AuthenticID will enable Blockchain adoption.

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.

Increasing Use of Card Controls in SMB Market is Reducing “Friendly Fraud”

In 2014 Ondot Systems was a newcomer to Finovate. Now, we have asked them to give us an update on where card controls are in the small-to-medium-sized business market, and where they are set to take the fintech sector, in particular the future of fraud.

The small business credit card market reached 13.9 million accounts in 2015, with an average of 20 transactions per month, accounting for one in every six dollars spent on general purpose cards (roughly $430 billion all together). These payments are fundamental to running the operations of any small and mid-size business (SMB), from purchasing office supplies, paying off utility bills, clearing invoices of various service providers, etc.

An SMB owner opening up a credit card for the business has its benefits like financial rewards perks, and flexibility in spending. If handled correctly, allowing employee use of the owner’s credit cards can simplify the reimbursement process and reduce administrative hassles. However, without proper controls, employee credit cards can encourage bad spending habits, theft, or fraud.

Owner cards are only as good as the communication and trust between owner and employee. Unless the owner keeps close tabs on purchases, there is a risk of “friendly fraud,” which is when an employee takes advantage of their purchasing power for their own benefit. Left unchecked, these fraudulent charges can equate to thousands of dollars lost, the loss of an employee, or even a lawsuit.

A recent study by ACFE found that 60% of small businesses didn’t recover any of their losses from this type of fraud. By giving credit cards to key employees, it implies a high degree of trust, but unfortunately, fraud can and does happen.

According to the Association of Certified Fraud Examiners’ latest study, illegitimate expenses make up around 14 percent of asset misappropriation fraud and cause a median loss of $40,000. If you aren’t monitoring those purchases closely, they may go unnoticed.

Owners typically wear many hats, and managing internal financial fraud should not have to get in the way of running a business. So how can SMB owners take the worry of transactional fraud off of their shoulders? Through proactive card controls, SMB owners can allow the use of SMB payment card by setting where, when and how the card can be used for business purposes.

SMB owners can set limits on purchase amounts, location where the card can be used, types of transactions and even merchant categories. In addition, through a few taps on their smartphone, they can view card activity in real time through push notifications and even turn the card off in case of misuse.

Let’s consider a use case of a small business owner employing truck drivers to distribute food supplies around the town. Truck drivers are given a payment card for fuel and other business purchases to make sure they make it to their destination without any hiccups.

The owner of the business is able to set location controls enabling card use only in the areas of their route, and limit transactions up to certain amount at gas stations only. They can set the parameters to deny the ability to withdraw cash from an ATM or use it for entertainment purposes for example. This avoids unpleasant conversations about card misuse while allowing business owners more time to concentrate on operating their business effectively. Through these controls, receipt management for reimbursement becomes a thing of the past and business expense management is more streamlined.

Another example for of how these card controls can protect SMB owners is in the case of doctors and dentists that have their own practice. Typically these doctors employ two or three people for the office where payment cards are used for everything from office supplies to keeping the lights on. Friendly fraud can often go unnoticed if, along with an office purchase, one were to also shop for some personal items. Such businesses typically do not employ full time accounting personnel to track expenses and run on a small budget where misuse can have an impact on the bottom-line.

Through card controls, SMB owners can take on the task of managing company purchases proactively. With just a few minutes on their smartphone app setting card controls and alerts preferences, they and their businesses can be protected from “friendly fraud.”

Malauzai’s Vantiv Partnership to Leverage OnDot’s CardControl Tool

Community banking app company Malauzai has teamed up with payment processing giant Vantiv to launch a youth spending tool called Family Manager: SmartKid Control. Malauzai’s SmartApp users will have access to the new tool, which is offered by Vantiv and powered by OnDot.

The SmartKid Control feature offers parents oversight and control over their child’s spending via transaction monitoring and spending tools. The app generates purchase alerts and lets parents define and authorize specific merchant categories, such as grocery and gas (see image on right). While the card gives parents ultimate control by enabling them to remotely turn the card on and off, it also allows the child to begin forming their own spending habits by setting a budget and alerts.

Integrating the card control feature into a community bank or credit union’s existing app gives the financial institution a way to build loyalty among its existing users and build out its customer base of Generation Z-clients. According to Robb Gaynor, chief product officer for Malauzai, the new tool will offer “families the opportunity to include their children in the financial dialogue.”

Malauzai’s new tool leverages OnDot’s CardControl, a solution the company launched at FinovateSpring 2014 that allows consumers to control payment cards from a smartphone app. The solution, which the company later showcased at FinovateSpring 2015, won them Best of Show honors. Since then, the product was brought to market by Fiserv (under the brand name CardValet), COOP Financial Services (under the brand name CardNav), and Vantiv (under the brand name MobiMoney). OnDot most recently demoed Mobile Card Services at FinovateAsia 2016.

Founded in 2009, Malauzai last demoed at FinovateSpring 2016, where it debuted MOX Pay powered by Visual App Builder. In March of this year, the company launched Touch ID biometric authentication technology for Android users. In October 2016, Malauzai teamed up with Guardian Analytics to leverage its fraud detection solution.

Payment processing company Vantiv most recently presented at FinDEVr New York 2017 and last demoed at FinovateFall 2014, where it debuted its TriPOS solution. Earlier this week, Vantiv agreed to acquire B2B payments company Paymetric.

Ondot Systems’ CardConnect Enables Consumers and Banks to Converse in Real Time

This post is part of our live coverage of FinovateSpring 2015.

FS2015_Ondot_logoOndot Systems launches its CardConnect solution:

CardConnect utilizes the smartphone app and location, and transaction context, to establish an instant communication channel enabling financial institutions and consumers to converse in real-time.

• Card Issuers can notify at-risk cards to consumers and set higher level of controls
• Card Issuers can request consumers to confirm any transaction in real-time
• Consumers can initiate transaction disputes from their mobile device
• Consumers can set travel notifications, and card issuers can automatically update notifications using location tracking on consumers’ phones
• Consumers can rate transactions, and card issuers can use aggregate ratings to create personalized contextual offers

Presenter of the CardConnect solution: Vaduvur Bharghavan, CEO, Ondot



Product Launch: May 2015

Product distribution strategy: Through financial institutions

HQ: San Jose, California
Product Demoed: CardConnect
Website: ondotsystems.com