Ondot Systems has announced what it calls a comprehensive end-to-end digital card services platform for card issuers providing full card life-cycle management associated with the “digital card” in a single platform, according to a press release.
Ondot’s digital card services platform enables card issuers to leverage their cardholders base and their social networks to create a viral effect for customer acquisition and use bots to guide users through an interactive application and Know Your Customer process, according to the release.
Upon approval, cardholders can complete the onboarding journey with instant digital card issuance and in-app push provisioning into digital wallets. An existing customer can invite a friend, and a new prospect can apply, be approved, onboarded, and start using digitized cards for online purchases or tap-and-pay at stores — all in a few minutes.
Ondot’s digital card services platform enables 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 the release.
“In a digital-first world where payments are becoming invisible and consumers expect instant gratification, card issuers must attract, acquire, and empower consumers with personalized digital experiences,” Sung-Wook Han, Ondot’s CTO, said in the release. “Ondot provides a comprehensive set of services around the digitized card, integrating into existing mobile apps, card management systems, and authorization platforms.”