Card digitization services offers banks a cost-effective way to grow their card base significantly, reduce online fraud and drive online payments volume.
SAN JOSE, Calif., June 4, 2018 — Ondot Systems today announced a comprehensive end-to-end digital card services platform for card issuers to provide seamless user journeys – from invitation to acquisition to instant issuance to secure payments – providing full card life-cycle management associated with the “digital card” in a single platform.
Ondot’s digital card services platform enables card issuers to leverage their cardholders base and their social networks to create a viral effect for customer acquisition and use bots to guide users through an interactive application and ‘Know Your Customer’ (KYC) process. Upon approval, cardholders can complete the onboarding journey with instant digital card issuance and in-app push provisioning into digital wallets. An existing customer can invite a friend, and a new prospect can apply, be approved, onboarded, and start using digitized cards for online purchases or tap-and-pay at stores – all in a few minutes.
Ondot’s digital card services platform enables new capabilities for cardholders to instantly create a new virtual card number and control the use of the card to a specified time window, spend amount, location, merchant, and device. Furthermore, the card numbers are associated with dynamic security codes (CVV2) for securing online transactions.
The full suite of capabilities includes:
Digital Acquisition and Provisioning
Secure Online and Digital Payments
Ondot’s platform is built upon a micro-services architecture, allowing banks to design their card digitization strategy and roadmap in stages or all in one go. The solution can be delivered across multiple channels, fully integrated through APIs/SDKs into existing mobile banking apps or utilize Ondot’s white label mobile app with custom branding in companion mode. Ondot’s digital card services platform supports credit, debit, and pre-paid cards; Visa, Mastercard and closed loop private label cards.
“In a digital-first world where payments are becoming invisible and consumers expect instant gratification, card issuers must attract, acquire, and empower consumers with personalized digital experiences,” said Sung-Wook Han, Ondot’s Chief Technology Officer. “Ondot provides a comprehensive set of services around the “digitized card”, integrating into existing mobile apps, card management systems, and authorization platforms.”
About Ondot Systems
Ondot Systems is the global leader in powering mobile payment services, serving over 3,000 financial institutions across four continents. The company's real-time platform, built upon an API based services-oriented architecture, gives financial institutions a competitive edge by increasing mobile engagement and empowering their customers to personalize, manage and control how payments are made in today's world of always-on digital commerce, resulting in higher usage of payment instruments while lowering fraud incidents. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.