Ondot Systems has reached the milestone of 3,000 financial institutions worldwide that now offer payment card controls via Ondot-powered mobile apps.
The Ondot app sits within the client FI’s own mobile app, providing a single sign-on and a consistent user experience, a company press release said.
Customers and members of FIs partnering with Ondot can use the app to monitor suspicious activity, set location and spending limits on their cards, and prevent fraudulent charges on their accounts.
“Consumers entrust us to protect their money, and we don’t take that lightly,” Diane Morais, president of consumer and commercial banking products at Ally Bank, said in the release. “With innovations like Ally Card Controls, consumers have at their fingertips the ability to define when, where and how their card is used.”
“Banks using mobile card control services see an average increase in revenue of up to $30 per user per year,” Ondot CEO Vaduvur Bharghavan said in the release. “When consumers know they are in control of their card, they trust the financial institution more, use the card more often and log into the mobile app more often to manage usage parameters.”