Ondot Systems has introduced an end-to-end digital card services platform for card issuers to create seamless user journeys.
The platform is set to drive customer acquisition, instant digital issuance and secure wallet payments.
Built upon a micro-services architecture, it allows banks to design their card digitisation strategy and roadmap in stages or all in one go.
“In a digital-first world where payments are becoming invisible and consumers expect instant gratification, card issuers must attract, acquire and empower consumers with personalised digital experiences,” said Sung-Wook Han, chief technology officer at Ondot (pictured above).
“Ondot provides a comprehensive set of services around the ‘digitised card’, integrating into existing mobile apps, card management systems and authorisation platforms.”
Upon approval, cardholders can complete the onboarding journey with instant digital card issuance and in-app push provisioning into digital wallets.
When existing customers invite a friend, the new prospect can apply, be approved, onboarded and start using digitised cards for online purchases or tap and pay at stores, all in a few minutes.
The solution can be implemented across multiple channels, fully integrated through APIs/SDKs into existing mobile banking apps.
It can also utilise Ondot’s white label mobile app with custom branding in companion mode.
The platform supports credit, debit and pre-paid cards; Visa, Mastercard and closed loop private label cards.
Digital acquisition and provisioning
• card issuers can attract consumers through digital marketing and social media campaigns via one tap and a bot-assisted card application flow
• digital Know Your Customer validation is embedded into the customer acquisition flow, leveraging the smartphone’s camera to provide two-step digital identity verification
• 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) randomises the three-digit security code synchronously between the app and back-end server to provide an extra layer of security for card-not-present transactions
• VCN life cycle management spans issuance, renewal, replenishment, preference management, controls, reissuance and deletion.
• cardholders can create digital cards linked to their primary card account and set controls by specified time window, spend amount, location, merchant and device.
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