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.