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.