Consumer controls over payments and banking services in U.K. and Europe

Date: Fri, 11/10/2017 - 12:04

Ondot Systems launches consumer-focused, smartphone-based account controls and management as financial institutions get ready for open banking
Consumer controls over payments and banking services in U.K. and Europe

Vaduvur Bharghavan, CEO of Ondot Systems, at FinTech event, The Royal Exchange, London, UK

PHOTO / telecomkh.com

Ondot Systems announced that it is making its Consumer Services Platform available to U.K. and European banks and financial institutions. The platform sets the stage for banks to cost-effectively embrace Open Banking, CMA, GDPR, and PSD2 directives to deliver innovative consumer facing digital services.
The platform is built using Ondot’s high performance and scalable technology. It is already deployed across the world’s largest transaction payments, processing centers and by 3000 financial institutions globally. The purpose-built platform enables banks to put the consumer at the center by giving them total control over when, where and how their payment instruments are used. This is done by digitally engaging consumers in real-time with their banks, receiving analytics based advice actionable for all their accounts including savings, current, loan and credit cards.
Ondot’s Consumer Services Platform is at the convergence of three major streams: real-time payment processing, real-time consumer communication, and real-time data analytics - across all account types. Operating over a micro-services architecture, the platform allows issuers to rapidly deploy services to give consumers the control they want combined with the convenience they need.

Services supported by the company’s platform include:
• Interactive advice based on consumer history, consumer preferences, and current location: contextual advice for protection, offers, and impending notable events that users can act on instantly.
• Control payment instruments: enable/disable cards and accounts on demand, set usage preferences and spending parameters around location, transaction types (online, instore, ATM, etc.), merchant categories (grocery, petrol, etc.), and spending limits.
• Location-based services for protection and commerce: correlate user location and merchant location for card usage controls, lower fraud and higher acceptance rates, proximity based offers, and other contextual financial services.
• Fraud mitigation by initiating disputes and responding to fraud alerts instantly.
• Consumer self-service for transaction management (capturing purchase receipts, tagging and memos, etc.), account and card management (travel notifications, reporting lost/stolen cards, paying off accounts, updating PIN, etc.), and loyalty/offers.
• Parameter control for the monitoring of dependent cards, whether they be employees or family members.

All of these services can be delivered to the consumer over a white-labeled mobile application on a smartphone, as well via chatbots, virtual assistants and traditional channels such as IVR.
In an era of increasing numbers of data breaches and the rising popularity of digital payments, the Ondot platform offers consumers control, visibility, and actionable insights on-the-go, with demonstrable benefits for both consumers and issuers across international markets. Quantifiable advantages include increased customer retention, over 23% increased top-of-wallet usage, 40% reduction in fraud, false declines by 16% and lower service costs by 26%. Most importantly, banks and card issuers can become more agile and responsive to evolving market conditions in both banking and payment ecosystems, and in user engagement behaviors.
“Open Banking initiatives in Europe will have a transformative effect on consumer engagement in banking and payments. Service providers that deliver holistic consumer experience are the ones that will own the customer relationship” said Vaduvur Bharghavan, CEO of Ondot Systems. “In this new world, banks and payment service providers must comply with new standards, deal with complex legacy systems, compete with digital-first consumer-centric companies for customer mindshare and innovate to maintain their competitive edge or risk getting disintermediated ---that’s a tall order. To succeed in this new environment, banks must have platforms that deliver on two counts: empowering the consumer and rapidly deploy new services, Ondot’s Consumer Services Platform is designed for exactly this purpose.”

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