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.
This post is part of our live coverage of FinovateFall 2015.
Next up is the team from Tranwall.
The patented Tranwall system offers card-holders and -issuers the ability to control the status of debit and credit cards in real time. Tranwall also offers second-factor authentication on internet banking services using any mobile phone. The Tranwall system offers fine-grained control, at transaction level, over the approval of card transactions. The Tranwall platform is customizable, allowing for a variety of permissions to be defined and implemented.
Presenters: Gerard van de Par, director, sales, and Diederik Bruggink, payment expert
Product launch: April 2015
Metrics: 5 employees; 3 paying customers (2 banks, 1 fuel card)
Product distribution strategy: Direct to business (B2B); through other fintech companies and platforms; licensed
HQ: Amsterdam, Netherlands; Johannesburg, South Africa
Founded: February 2015
The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!
Tranwall helps banks give secure transaction control to their customers.
- Rules-based transaction authorization: peace of mind and fraud prevention
- Change authorization parameters: real-time interaction with customers
- Design your own card program: e.g., prepaid, business
Why it’s great
Tranwall will change the way card authorizations will be handled. Customers will now be able to control the authorization settings of their own cards.
Gerard van de Par, Director
Van de Par has a sound background at technology and international banks. He heads up the commercial operations within Tranwall with a focus on Europe and the United States.
Diederik Bruggink, Business Development Manager
Bruggink is an internationally renowned cards-and-payment expert. He is acting as business development manager for Tranwall and brings a broad network with him.
- Check out this week’s FinovateFall Sneak Peek posts:
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- Segmint launches new marketing solution, Segmint Reach.
- RetailWeek features TradeShift as startup of the week.
- Lending Club celebrates surpassing $11 billion in loans.
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.