Santa Clara, CA, Oct 29 (Bernama-GLOBE NEWSWIRE) -- Ondot Systems, the digital card services platform for credit and debit issuers, today announced Card App®, a first-of-its-kind white-label app that enables issuers to empower cardholders with in-the-moment convenience, control and transparency for their physical and virtual cards.
Ondot’s Card App enables any issuer to brand and deliver an Apple Card-like experience for its existing credit and debit card portfolios, including instant card signup, wallet provisioning, spending insights and easy self-service. Ondot already works with more than 4,000 financial institutions to provide mobile card controls and interactive alerts. Now, Card App puts all these features – and much more – in an app that financial institutions can deploy quickly.
Card App’s features reflect what consumers say they most want, and include the following:
- Immediate card issuance: Apply for a card within the app and receive a digital card immediately.
- Mobile wallet integration: Add cards to a mobile wallet like Apple Pay and Google Pay with ease.
- Transaction clarity: See enriched transaction and merchant information – clean name, address, map, logo, contact, hours – no more cryptic, confusing, or incomplete descriptions.
- Self-Service at fingertips: Get to critical card operations instantly – report lost, set travel, initiate dispute, etc.
- Safety controls: Be safe, feel safe - turn a card on or off, limit the geographic area where a card will work, control ATM and online transactions, set limits, get instant notifications of purchases, etc.
- Spend insights: Help customers spend smarter by showing spend trends, manage card-on-file and recurring merchants, and monitor credit wellness and spending health.
Vaduvur Bharghavan, CEO of Ondot, said, “Payment cards are undergoing their biggest transformation in 50 years, driven by massive digital and AI investment from banks and tech giants. Card products like Apple Card are establishing the new normal for consumer experience – not just a few basic card features stuffed deep within a generic banking app, but cardholder experiences that anticipate consumer needs and guide consumer actions in moments that matter.”
According to Justin Olson, VP of Information Technology at Utah Community Credit Union, “Building these innovations in-house would require massive resources and budgets, but with Ondot, we can launch this in just weeks. Ondot is already pre-integrated into our processing rails and has the technology, regulatory and compliance programs we need.”
Integrating with mobile banking makes life easier for issuers and consumers
The Card App is linked to an issuer’s mobile banking app, and consumers can move seamlessly between Card App and mobile banking with just one sign-on. It is optimized around how people use their cards, so not only can issuers deliver innovation faster than trying to fit these features into their banking app roadmap, but they improve overall customer experience and satisfaction. And it works for everyone: iPhone or Android, debit or credit, Visa or Mastercard.
Tina Giorgio, president and CEO of ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America®, noted, “Customers regularly tell our clients that they prefer to bank with a community bank and expect the latest products that fit their digital lifestyle. Partnering with an innovative fintech that understands the importance of the user experience can help community banks further meet consumer expectations while growing and nurturing their important long-term customer relationships.”
Card App enables integrations across fintech, issuers and processors that deliver more value than any party can deliver independently, and unlocks partnerships for community issuers that might otherwise not easily be accessed. With Card App, issuers can take advantage of services from major third-party providers for identity verification, eKYC, financial wellness, merchant offers, merchant data and wallets.
According to company case studies, Card App does more than just provide a digital edge: it delivers a 25 percent lift in profitability of debit and credit card portfolios for regional and community issuers, driven by 23 percent increase in card usage and 25 percent reduction in operational costs – lower fraud, fewer service calls and reduced false chargebacks.
Those findings are mirrored by Olson from UCCU, “We have already seen an increase in card usage and reduction in fraud for enrolled cardholders. In just five months, over a quarter of our cardholders have enrolled in Ondot’s card controls. We expect to deliver even higher adoption with these new tools.”
To find out more about the Card App, visit www.ondotsystems.com or email info@ondotsystems.com.
About Ondot
Founded in 2011, Ondot provides more than 4,000 banks and credit unions with a digital card services platform that establishes the new standard for cardholder engagement – from community issuers to top global banks. Ondot enables card issuers to offer in-the-moment convenience with control and transparency for physical and virtual cards, leading to increased engagement and lifetime value. To learn more about Ondot Systems, visit www.ondotsystems.com.
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