The new cloud service announced by Ondot this week will make it easier for the company’s 4,000 bank and credit union customers to secure faster upgrades, deploy new functionalities, and access the latest innovations designed to enhance the mobile and digital card experience. Leveraging the cloud will also help FIs lower costs associated with operations, maintenance, compliance, and monitoring.
Ondot Head of Product Prasanna Narayan pointed to the challenges that regional banks and credit unions in particular face when it comes to integrating physical data into their data centers. Making Ondot’s card controls and other solutions available via a cloud-based service, Narayan explained, can help these smaller financial institutions keep pace with their bigger rivals. “This option allows mid-sized and smaller issuers to more quickly and easily launch these services and compete with larger national banks on digital customer experience,” he said.
Enhanced security is as much a part of the new cloud service as the enhanced customer experience. Narayan highlighted Ondot’s depth of understanding the security and compliance needs of financial institutions given its eight years of experience working with banks and credit unions. A scalable and reliable AWS, and robust disaster recovery and redundancy provide consistent uptime for clients using the service.
Santa Clara, California-based Ondot demonstrated its digital card mobile app at FinovateSpring 2018. The solution supports a range of digital payment card services from new customer acquisition to instant card activation and new card provisioning. The company won a Finovate Best of Show award at our first conference in Dubai, UAE, last year, FinovateMiddleEast, where it demoed its card controls technology.
2018 was a big year for the company. Back in November, Ondot introduced a new, end-to-end digital card services platform for banks in the Asia-Pacific region. Last summer, the company announced a partnership with PSCU, the premier payments credit union service organization, that will enable credit unions to integrate Ondot’s card alerts and controls technology into their mobile and online account management apps – or have them delivered directly via PSCU’s digital platform.
Founded in 2011, Ondot has raised $51 million in funding. Vaduvur Bharghavan is co-founder and CEO.