Ondot’s Transaction Intelligence Deciphers Purchase Data

By making it easier for cardholders to recognize and read merchant names, logos, and contact information on purchases, Transaction Intelligence from Ondot Systems, unveiled this week, helps firms reduce call center volumes and dispute costs while boosting customer satisfaction.

Ondot Systems General Manager for the Americas Gary Singh credited the recent launch of the Apple Card for raising awareness of the problem of incomplete or indecipherable transaction data. “We’ve seen huge interest in Transaction Intelligence from both consumers and card issuers,” Singh said, “particularly after enriched transactions were featured so prominently during the Apple Card launch.”

The company’s own investigation into the demand for enriched transactions makes the point, as well. A research finding sponsored by Ondot showed that 99% of mobile banking users were interested in better transaction data, with more than 80% indicating they were “very interested.” Singh noted, “It’s not that often that you find a product that both increases customer satisfaction and lowers cost.”

Ondot’s Transaction Intelligence provides real-time merchant and transaction data enrichment, including clarified merchant names, logos, location maps, advanced tags, memos, receipt captures, and more. This enriched data helps consumers identify their purchases, and turns transaction data into insights consumers can use to make smarter spending decisions.

“Ondot believes we have the best transaction and merchant data enrichment solution in the market right now, and we have won proof-of-concepts against other big names to prove it,” Singh said. “We are the only service available on any device to bring together all of these data sources for an accurate picture of where a purchase was made, and do it in real-time.”

The company noted that it initially will launch Transaction Intelligence this month with “one of the top 10 largest banks in the world,” but added that the solution will be available to FIs regardless of size.

Founded in 2011 and headquartered in San Jose, California, Ondot demonstrated its Digital Card Mobile App at FinovateSpring 2018. The company is a Best of Show winner, as well, having picked up top honors at our inaugural FinovateMiddleEast conference last year.

Ondot has raised $51 million in funding from investors including Citi Ventures. Bharghavan Vaduvur is CEO.

Finovate Alumni News

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  • Ondot’s Transaction Intelligence Deciphers Payment Data.

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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.

Finovate Alumni News

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  • AT&T launches new bug bounty program in partnership with HackerOne.
  • Jumio takes gold in the Security Software category of the 2019 IT World Awards.
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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.

Finovate Alumni News

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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.

Finovate Alumni News

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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.

Finovate Alumni News

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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 Lands Strategic Investment from Citi Ventures

A strategic investment from Citi Ventures announced today will help power international growth for mobile payment services specialist Ondot.

“As we steadily march toward high-frequency, invisible and autonomous payments, consumers increasingly expect detailed information about their transactions,” Ondot CEO Vaduvur Bharghavan said. “Bringing together details such as real-time transaction authorizations, proximity controls, merchant specifications, and applying machine learning on historical data helps consumers have more control over their cards and delivers a premium cardholder experience.”

The amount of the funding was not disclosed. Prior to today’s news, the company reportedly had raised $51 million in equity financing.

Ondot offers banks and credit unions technology that enables them to provide their customers with solutions to better manage and control their card payments. The company’s real-time, API-based platform and mobile app provide an end-to-end digital payment card services experience that ranges from bot-assisted digital acquisition and instant activation to geolocation-based contextual alerts and messaging. Ondot’s technology gives payment cards a “digital voice,” supported by a three-way interaction between the card issuer, the card holder, and the merchant.

“Consumers want to be able to manage their financial lives anywhere and at any time, and their expectations for a seamless experience will continue to evolve,” Citi Ventures’ co-head of venture investing Ramneek Gupta said. “Ondot meets this demand by providing innovative solutions that enable increased access and control of financial information, so we are thrilled to invest.”

Ondot’s strategic investment comes as the company announced a partnership with Mexico’s INVEX. The collaboration will enable INVEX to leverage Ondot’s digital acquisition and instant issuance technology to provide the country’s first “Instant Card.” Integrated with Ondot’s technology, INVEX’s Digital Card Services solution will also feature mobile product presentment and selection, as well as built-in card controls and alerts.

“Nowadays, credit card customers and digitally savvy generations, seek simplicity and immediate financial solutions through 100% digital channels,” Jean Marc Mercier, INVEX’s Managing Director for Consumer Banking and Payments, said. He added that INVEX was “committed to consolidate our position as a player at the forefront of the Mexican consumer and payments market, providing solutions that meet these expectations.”

Santa Clara, California-based Ondot Systems demonstrated its Digital Card mobile app at FinovateSpring 2018. The company also participated in our inaugural FinovateMiddleEast conference earlier this year, winning Best of Show honors for a live demo of its card control technology. More than 3,000 banks and credit unions around the world use Ondot’s white label apps, including the premier credit union services organization in the U.S., PSCU, which announced a partnership with Ondot in August.

Finovate Alumni News

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  • Ondot Lands Strategic Investment from Citi Ventures.
  • Experian, FICO, and Finicity Launch the UltraFICO Score.

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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.

How Fintech is Disrupting the Modern Workplace

From the way payroll and benefits are administered to the nature of work itself, fintech innovation is helping build the 21st century workplace.

Will “pay day” be a thing of the past? How long until companies across the country are competing on the basis of their ability to help you pay off your student loans?

Technology has done much to change the nature of work in recent years. The same can be said for specific areas like financial technology. Here’s a look at how fintech innovations are making their own contributions to the 21st century “office”.

Getting Paid

Many of us work because we enjoy what we do. But whether you consider getting paid a top priority or just a perk, who wouldn’t love the flexibility of being able to get income when you need the money most – rather than on an arbitrary, twice a month schedule?

Companies like Gusto are among those making this possibility a reality. This summer, the payroll, benefits, and HR technology company introduced Flexible Pay, a new solution that enables employees to get paid on a date other than their employer’s standard pay date. Calling bi-weekly pay schedules a “relic” of the days when payroll taxes were calculated manually, Gusto co-founder and CEO Joshua Reeves has set out to prove that “with modern technology, employees shouldn’t have to wait weeks to get paid.”

The New Workspace

Even the word “telecommute” sounds more like something from a bygone time rather than the way a growing number of Americans are “going to work”. But the reality of remote employment for a growing number of people is here and fintech companies have both encouraged and participated in this trend. “Millennials simply don’t feel they need to be in the office, or at their desk, to get a job done — especially since the evolution of technology has made portability very possible,” Demetrios Gianniris, a director at MG Engineering, wrote for Forbes.com earlier this year in a post called The Millennial Arrival and the Evolution of the Modern Workplace.

To this end, innovations in mobile technology and messaging (consider Eltropy’s innovations in providing secure, compliant communications via popular messaging apps) have helped accelerate the revolution in remote work. There are also fintechs removing friction from some of the more mundane aspects of working outside the office. Expensify, for example, has partnered with Uber to make it easier for workers who use the ride-sharing service to separate business from personal expenses. And speaking of expenses, the tools offered by companies like Ondot empower workers to make necessary purchases while ensuring control and accountability for managers and employers.

Doing the Work

The flip side of the convenience that technologies like chatbots and IVR provide is that, for a growing number of financial professionals, these technologies are virtually co-workers. As machine learning and AI become increasingly commonplace, workers are more likely to rely on interacting with processes than communicating with people when it comes to getting their daily tasks done.

For financial advisors, fintechs are developing a wide variety of tools to make it easier for them to communicate with customers, and build highly personalized investment portfolios and financial plans. Onist, which announced a partnership with Quovo this summer, enables financial advisors to set up a virtual family office to facilitate collaboration between advisors and clients.

Technology also promises to make it easier for workers to leverage the work of other workers more effectively. One of the key insights of New York-based WorkFusion was the way a combination of machine learning and crowdsourcing of human talent could enable smaller businesses to “punch above their weight” when it comes to managing data. The company has since leveraged this technology to produce the first integrated RPA (robot process automation) and cognitive automation platform: Smart Process Automation (SPA) currently deployed in verticals including financial services, healthcare, and insurance.

Managing the Gains

Fintechs are in the lead when it comes to helping workers make better financial decisions. A firm like DoubleNet Pay helps employees manage cash flow by automating their billpay and savings obligations and coordinating payouts around paydays. Wealthucate, a financial wellness specialist out of San Jose, California, provides an automated financial wellness program that helps businesses enhance their own offerings. Wealthucate’s solution leverages gamification and personalization to increase the participation rate in benefit programs and help companies better explain their benefit offerings.

Among the more interesting ways that fintechs are helping workers manage their money is the approach by Student Loan Genius. This company enlists employers in the fight to help Millennial workers in particular pay off their student loans while simultaneously investing in their own employer-based retirement plan as soon as possible.

Fintech and the Work of the Future

It may be only a matter of time before we are able to watch the real-time flow of micropayments into our accounts or a be a part of a workforce in which most of us have both a robot supervisor and a robot subordinate. In any event, it is clear that whatever innovations the workplace of the future holds, fintech companies will be very much a part of making them happen.

Top image designed by Freepik

Ondot Brings Card Control Technology to PSCU

The premier credit union services organization in the U.S., PSCU, has teamed up with mobile payments innovator Ondot to enable its members to add comprehensive card alerts and controls to their offerings. The solution adds to PSCU’s current card alerts offering and can be readily integrated into mobile apps, online account management apps, or delivered via PSCU’s digital experience platform.

“Members of our Owner credit unions will now have the ability to easily transact with their own card: (turn it) on and off, set spending limits, even create real-time alerts, all to ensure they can seamlessly manage their finances,” VP of Product Management for PSCU, Jeremiah Lotz said. “This is one of the many exciting developments in our mobile solution that our Owners can expect to see in the coming months.”

Ondot’s card alerts and controls technology has been credited with reducing fraud losses, including a more than 50% reduction in the number of fraud attempts. The solution also lowers the call volume to contact center representatives, and helps boost both card usage and top-of-wallet movement thanks to newly empowered and engaged members and customers.

“Mobile card control services are no longer an option to remain competitive and provide the highest level of member experience,” Ondot CEO Vaduvur Bharghavan said. “We are excited to partner with a CUSO, leveraging technology to ensure its Owner credit unions have the ability to deliver seamless and secure card management options to provide personalized and engaging card-based payment experiences.”

The card alerts and controls feature includes:

  • Geolocation-enabled alerts. Allow or restrict transactions beyond the cardholder’s current location.
  • Lock/unlock switch. Control access to and use of individual cards.
  • Enable/disable transaction types: Limit use of card to specific transactions such as in-store, ATM, and eCommerce.
  • Enable/disable merchant types. Limit use of card to specific kinds of merchants such as department stores, entertainment venues, and hospitality.
  • Threshold controls. Set specific transaction amounts or monthly spending limits.
  • Transaction type alerts. Receive notice of transaction merchant types (ATM, in-store, eCommerce) and transaction categories (restaurant, gas, travel)

Founded in 2011 and headquartered in Santa Clara, California, Ondot demonstrated its Digital Card Mobile app at FinovateSpring 2018. Earlier this year, the company also participated in our inaugural FinovateMiddleEast 2018, demonstrating its Card Control technology and winning Best of Show honors.

Last month, the company introduced its digital card services platform, which gives card issuers full digital card lifecycle management from initial invitation through secure payments. Ondot announced in May that more than 3,000 FIs are offering mobile card controls powered by its technology.