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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Santander to close 140 branches
Santander has announced that it plans to close 140 branches in the UK as it reshapes its branch network...
British Business Bank UK Network aims to improve funding awareness across UK
The British Business Bank UK Network will help to improve awareness of funding options across the UK by directly approaching business finance professionals...
Building with confidence in challenging times
It is difficult to think of a time in the past three decades when the chasm between the interests of UK business and the Palace of Westminster has been more exposed than the Brexit debacle...
Real Property Finance passes £100m in deals with Cambridge & Counties Bank
Cambridge & Counties Bank has provided more than £100m of loans for the clients of Real Property Finance (RPF)...
Metro Bank reports 48% increase in lending
Metro Bank has reported that its lending increased by 48% in 2018 compared with 2017...
Metro Bank appoints Luke Lloyd-Davies to advisory board
Metro Bank has appointed Luke Lloyd-Davies to its advisory board...
OakNorth: how some of the entrepreneurs we’ve lent to first got started
For many, the new year brings with it new possibilities and the chance to explore new opportunities...
Hanley Economic BS to push self-build offering
Hanley Economic Building Society is set to commence an extensive 2019 self-build campaign as it aims to engage with growing numbers of self-builders...
NatWest offers Esme Loans directly to its SME customers
NatWest will now offer Esme Loans products directly to its existing SME customers...
OSB appoints new NED
OneSavings Bank has announced that it has appointed Sarah Hedger as a non-executive director, with effect from 1st February...
Tandem Bank reaches 500,000 customers
Tandem has announced that it has reached 500,000 customers one year on from being granted a full banking licence...