Mercator Advisory Group Identifies Cardholder Preference-Based Controls as the Next “Best Practice” to be Provided by Financial Institutions
Independent research report cites Ondot Systems as the vendor with the most comprehensive Card Controls solution
San Jose, Calif. – October 1, 2014 – Ondot Systems announced today that Card Controls has been named by Mercator Advisory Group as one of the next “best practice” solutions to be provided by financial institutions, card issuer processors, and core banking systems. In an independent research report, Mercator identified Ondot Systems as a vendor with the broadest array of features in this emerging space, which Mercator calls an “up-and-coming payment card best practice.”
Mercator estimates that fraud costs card issuers more than $2.4 billion annually, and over $11 billion to the payment industry.
“With all of the high-profile data breaches over the last year, there is a dire need for improved security features,” said Ronald G. Mazursky, Director, Debit Advisory Service at Mercator. “Consumers are demanding more self-service capabilities and with the increased use of mobile technology in the financial industry, it is no surprise that mobile card control solutions appeal to consumers and financial institutions. Our consumer research supports strong preference for a multi-function card and account control.”
Ondot’s CardControl empower cardholders to remotely control their payment cards. With a simple tap on the mobile phone app, cardholders can turn their existing plastic cards on or off. Leveraging the location capabilities of smartphones, cardholders can choose to keep their payment cards active around them or define a regional boundary where their cards are open for use. Other control dimensions include setting preferences for merchant categories, specifying limits for transaction amount and types of transactions such as in-store, online, and phone orders, as well as ATM withdrawals.
“Cardholders aren’t the only ones that benefit – financial institutions benefit as well,” said Rachna Ahlawat, Executive Vice President at Ondot Systems. “Our customer data reveals that, as a result of real-time alerts and control provided by CardControl, cardholders are more confident about using their cards for a wider variety of purchases and merchants. Card issuers realize a significant reduction in fraud costs and, as a result of increased transaction volume, enjoy robust card transaction revenue growth.”
To date, Ondot has integrated its technology with four of the largest card processors in the country, enabling more than 10,000 banks and credit unions to offer CardControl to their customers by the end of 2014.
Mercator’s report comes on the heels of Ondot being named Best of Show at Finovate Spring 2014.
To download a complementary copy of the full report, go to http://www.ondotsystems.com/mercator
About Ondot Systems, Inc.
Ondot Systems’ white-label solution that gives consumers control over payment cards. Headquartered in Silicon Valley, Ondot brings together an experienced management team from mobile, security, and payment card industries who share a vision of transforming how consumers interact with their financial institutions.
For more information, visit us online at www.ondotsystems.com or email us at email@example.com
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