Ondot Offers Remote Control Over Card Payments
Ondot has announced its new Card Control cloud service, which gives users granular control over the payments made with their credit, debit, and gift cards. The technology sits between customers’ bank and card processors and integrates with mobile banking services to enble users to set preferences for what kind of transactions to allow. If a user loses their wallet, they could quickly disable any payment cards directly from a smartphone app. Users also can restrict the kinds of transactions they allow based on factors such as dollar amount, ZIP code, and in-store vs. online purchases. All purchases can be restricted automatically and only allowed on an individual basis using the app. Ondot CEO Vaduvur Bharghavan says the company has been working to build its relationships with payment processors and card issuers. The service is offered through two service lines, one through processors that makes Ondot an available feature for processors’ customer banks, and the other directly integrated into the data centers of larger banks. Ondot currently has partnered with four of the seven major processor networks and two-thirds of U.S. banks and credit unions.
From “Ondot Card Control Brings Find My iPhone Feature to Your Wallet”
CNet (04/24/14) Statt, Nick