Santa Clara, CA, July 31, 2019 -- Ondot Systems,
provider of digital services for debit and credit card issuers, has
just announced the launch of Transaction Intelligence, which makes it
much easier for cardholders to recognize their purchases with cleaned
up merchant names, logos and contact information. Customers can see
where they made a purchase on a map, along with contact info so they
can resolve questions with the merchant directly, rather than calling
their bank or credit union and filing a dispute.
“We’ve seen huge interest in Transaction
Intelligence from both consumers and card issuers,” according to Gary
Singh, SVP, General Manager Americas at Ondot Systems, “particularly
after enriched transactions were featured so prominently during the
Apple Card launch. We’ve gotten interest from both large and small
issuers to offer this to their cardholders.”
With the popularity of the service for cardholders and the cost-savings for banks and credit unions, this is likely to be a table-stakes feature. According to consumer research conducted on Ondot’s behalf, 99% of mobile banking users were interested in the feature, and 81% were very interested. “It’s not that often that you find a product that both increases customer satisfaction and lowers cost,” according to Singh.
The largest source of service calls for many card issuers is customers not recognizing a purchase on their statement. Our clients are predicting significant cost savings from lower call volumes, disputes and chargebacks.
Ondot uses a combination of authorization stream data, real-time location data, partner data (such as maps and business updates) and crowdsourcing to provide accurate and up-to-date details. “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,” according to Singh. “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.”
Ondot is initially launching Transaction Intelligence in August with one of the top 10 largest banks in the world, but the feature is available to banks and credit unions of all sizes. Large banks have continued to gain market share over the last decade, and digital experiences are increasingly driving that preference. Ondot has democratized digital card features so all banks and credit unions, regardless of size, can compete on digital customer experience.
Ondot Systems is the global leader in powering mobile payment services, serving over 4,000 financial institutions across four continents. The company’s real-time platform gives financial institutions a competitive edge by increasing engagement and empowering their customers to personalize, manage and control how payments are made in today’s world of always-on digital commerce. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.