Ondot Systems has unveiled a new digital card services platform designed to allow complete life-cycle management for card issuers.
Issuers can use the comprehensive end-to-end solution for leveraging their cardholders’ base and social network to invite and acquire customers. In addition, bots are available to provide users with an interactive application and know your customer (KYC) process.
If approved, cardholders will be instantly issued a digital card that can be integrated into digital wallets to ensure secure transactions.
An existing customer can invite a friend, who will be put through the same process and can use an approved digitised card for online purchases or tap-and-pay at stores.
The platform facilitates instant generation of new virtual card number and allows control of the card’s use to a specified time window, amount, location, merchant and device.
The card numbers are accompanied by dynamic security codes (CVV2) for secure online payments.
Ondot Systems chief technology officer Sung-Wook Han said: “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.
“Ondot provides a comprehensive set of services around the ‘digitised card’, integrating into existing mobile apps, card management systems, and authorisation platforms.”