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.