Courtesy of a new partnership between Australia’s Tranwall and Union Mobile Financial Technology, transaction control technology is headed to card and account holders in China. With Tranwall’s platform, customers will be able to manage both card and account transactions in real time, using a variety of channels including their smartphones. Customers can manage transactions by merchant type or switch off certain transaction types (tap-to-pay, ATM) entirely. Available as both an integrated solution to an FI’s mobile banking app or as a standalone solution, the new platform helps increase customer engagement while simultaneously reducing fraud and fraud-related costs.
“This is a significant agreement for the growth of our business and provides the opportunity for Tranwall to market the technology to UMFs existing Chinese client base, and new clients,” Tranwall co-CEO Greg Haynes said. Hayes pointed out that UMF is partnered with more than 110 FIs, more than 3,000 large corporations, 700,000 SMEs, and more than 450 million individual consumers. “We are very proud to have an organization of this standing in our camp, providing local credibility to the technology and services we provide,” he said.
The APAC market is an area of emphasis for Tranwall, Hayes said, and the company plans to invest “significant resources” in China’s banking market. China has an enormous card market, the largest in the world,in fact. This, coupled with its leadership in mobile banking technology and mobile payments adoption (more than $5 trillion in mobile payment volume last year), make the region a priority for firms like Tranwall that give consumers more control over their card accounts. “(We) expect that the Chinese adoption of Tranwall technology will lead to market acceptance throughout the wider Asia market,” Hayes said.
Founded in 2011 and headquartered in Perth, Australia, Tranwall demonstrated its Transaction Control for Business solution at FinovateFall 2015.
