“Ondot's enhances payment experiences, improves fraud detection and eliminates payment related friction resulting in issuers seeing card usage increase by up to 24 percent,” claims Singh. Transactions through 3D Secure method supported by OTP can help preserve online security. But Ondot goes a step forward to further strengthen the security by adding dynamic CVV feature to users’ cards. Also, the company can ensure that cards are active only within the location of the users; hence the stolen cards get redundant. Ondot communicate with the users before, during, and after the transaction that not only helps visualize the whole process but also significantly reduce fraud. “We facilitate two-way communication between the bank and the cardholder something which was not possible before. The plastic which was sitting stagnant in your purse now has a digital voice in your mobile app.”
We enable issuers to create best in class card products by delivering premium payment journeys
As people value instant information, Ondot provides information at the fingertips of users as well as the ability to conduct all the operations via self-service. As another contribution to convenience, "Ondot is motivated to keep pace with the arrival of bots and voice assistance to meet the cardholders on the channel that matters to them," says Vaduvur Bhargavan, CEO of Ondot Systems.
Consider an instance where the user gets the notification about a fraudulent transaction. By deploying Ondot's safe mode, the user can shut down the card till his next intended transaction, following which the card shuts down again, securing it from unauthorized use. “The user need not wait till the new card is issued,” says Singh. Later, upon receiving a new card, once the cardholder enables/activates the card, then all details such as control and management preferences switch over to the new card. This helps the card to get and stay on top of wallet.
Among the 14,000 FIs in the U.S. market comprising approximately 7000 banks and 7000 credit unions, Ondot solution is being delivered by top banks and credit unions such as the UBS, Ally Financial, Navy Federal Credit Union and Barclays as well as by nimble and challenging Financial Institutions, both catering to the need of always on digital consumer. Ondot serves regional and super regional clientele, including over three thousand financial institutions, two of the top 10 global banks, six of the top 20 Financial Institutions in the U.S., and eight major card processors. Recently, Ondot has also realized its potential to serve retailers, particularly for co-branded and private label cards. Plans for further expansion are underway.