How they describe themselves: Ondot Systems was founded in 2011 by professionals from mobile, security, and payment card industries who share a vision of transforming how consumers interact with their financial institutions. At Finovate Spring 2014, Ondot launched CardControl, a solution that empowers consumers to control payment cards from a smartphone app. Since the launch, CardControl was brought to market by Fiserv (under the brand name of CardValet), COOP Financial Services (under the brand name of CardNav), and Vantiv (under the brand name of MobiMoney). Ondot’s partners have signed up over 100 financial institutions for delivering card controls to consumers.
How they describe their product/innovation: CardConnect utilizes the smartphone app and location, and transaction context to establish an instant communication channel enabling financial institutions and consumers to converse in real-time.
- Card Issuers can notify at-risk cards to consumers and set higher level of controls
- Card Issuers can request consumers to confirm any transaction in real-time
- Consumers can initiate transaction disputes from their mobile device
- Consumers can set travel notifications, and Card Issuers can automatically update notifications using location tracking on the consumer’s phone
- Consumers can rate transactions, and Card Issuers can use aggregate ratings to create personalized contextual offers
Product distribution strategy: Through financial institutions