Ondot Systems: Delivering Premium User Journeys

CIO VendorGary Singh, VP of Marketing and Strategy
People look at their bank accounts few times a month, but they use their payment cards several times a day. Payment cards are the most frequent interaction between the Bank and its customers making it the primary means of engagement to drive and nurture relationships. By contextually engaging with users banks can provide holistic card experiences which also gives a boost to the associated banking services. Bankers understand that the more active the users, the more valuable they are to the banks. Set against such a backdrop is Ondot, a pioneer in powering mobile payment experiences that digitize the cards and handles all the user journeys associated with the card in real-time before, during and after a payment is made from balance, transaction notifications, fraud alerts, to resolving disputes. “We enable issuers to create best in class card products by delivering premium user journeys,” remarks Gary Singh, VP of Marketing, Ondot Systems. The company serves the entities of processors, financial institutions (FIs), retailers, families, and businesses while ensuring compliance with the highest PCI, CERT, and OWASP requirements.

“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

Unlike traditional mobile banking, Ondot empowers consumers to control and manage their payments by location, merchants, transaction types, and spending limits. Parents and businesses are empowered to control and manage the use of payment cards by dependents and employees, boosting consumer affinity and card usage.

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.