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Ondot Introduces Digital Card Services Platform to drive Customer Acquisition, Instant Digital Issuance and Secure Wallet Payments

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Card digitization services offers banks a cost-effective way to grow their card base significantly, reduce online fraud and drive online payments volume. Consumer payment journeys are instant, secure and fully digitized

San Jose, June  04, 2018  (GLOBE NEWSWIRE) -- 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

  • Card issuers can acquire consumers through digital marketing and social media campaigns via one-tap and bot assisted card application flow.
  • Digital KYC validation is embedded into the customer acquisition flow, leveraging the smartphone's camera to provide two-step digital identity verification. Ondot supports multiple partnerships and plug-ins for card issuers' existing KYC solution.
  • Card issuers can create cards digitally for online transactions and in-app provisioning into wallets such as Apple Pay and Android Pay.

Secure Online and Digital Payments

  • Virtual Card Numbers (VCN) provide safe and secure transactions with online merchants - both card-on-file and ad hoc transactions - by masking the true card number.
  • Dynamic Card Verification Value (CVV2) randomizes the 3-digit security code synchronously between the app and backend server to provide an extra layer of security for card-not-present transactions. Issuers can use Ondot's solution or plug-in a partner solution.
  • VCN life cycle management spans issuance, renewal, replenishment, preference management, controls, re-issuance, and deletion.

Cardholder Customization

  • Cardholders can create digital cards linked to their primary card account, and set controls by specified time window, spend amount, location, merchant, and device.

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."

For more information, please contact info@ondotsystems.com

Kate Innes
Zonic Group
0044 1672 550123
Kinnes@zonicgroup.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ondot Systems via Globenewswire

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