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Ondot announces new digital card services platform to support consumer engagement and drive innovation for UK banks

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The fintech company’s latest solution meets a growing consumer demand for digitalised, mobile-first banking experiences and offers significant tech advancements for traditional banks against new challenger models

London, UK, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Ondot Systems, the global leader in powering mobile payment services, today announces a new suite of mobile, digital solutions that enable UK and Europe’s largest banks to compete and disrupt emerging challengers.

Powered by a next-generation machine learning-driven engine, Ondot’s digital card services platform enables banks to empower customers giving them much greater payment card control and allowing them to self-serve, through instant digital card issuance, secure online and autonomous payments, personalised user journeys, effective spend management, and location intelligence-based services. It offers 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.

According to Statista, 95 percent of 16 and 24 year olds in the UK own a smartphone and it is this particular segment where challenger banks are beginning to take market share from the traditional high street giants. Ondot provides a comprehensive set of services around the “digitised card”, integrating into existing mobile banking apps, card management systems, and authorisation platforms, making it easy for UK and European banks to offer a truly mobile experience for their customers.

 “The banking and payments landscape continues to evolve rapidly in the age of digitalisation. No longer do banks, FinTech providers, or payment service providers operate in silos. A bank’s digital platform, when enhanced with user payment controls, personalisation and data transparency, brings huge value to customers,” said Cyrus Daruwala, Managing Director for IDC Financial Insights. “For banks, these technologies translate to higher customer retention and acquisition, productivity as well as cost efficiency – ultimately accelerating digital transformation across the organisation.

“In the UK, there is already an enormous consumer demand for mobile-first experiences throughout the banking and payment journey. Big banks are partnering with FinTech companies to accelerate digital transformation at every step of the customer’s journey,” said Rachna Ahlawat, Executive Vice President of Ondot. “With our next-generation digital card services platform, Ondot is building on our track record to help banks retain existing customers and attract new ones, whilst keeping fraud and operation costs under control.”

Ondot’s platform is built upon a micro-services architecture, allowing banks to design their card digitisation 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.

For more information, visit Ondot’s booth at F2, Fintech Connect at Excel London 5th and 6th December, 8:45am – 5:30pm.

About Ondot
Ondot Systems is the global leader in powering mobile payment services, serving over 4,000 financial institutions across four continents. The company’s real-time platform gives financial institutions a competitive edge by increasing engagement and empowering their customers to personalize, manage and control how payments are made in today’s world of always-on digital commerce. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.

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