Ondot Announces Investment from Citi Ventures to Power Enriched Transactions
The investment will fuel Ondot’s international growth and give cardholders accessing info via Ondot’s platform increased control over and visibility into each transaction
Santa Clara, Ca, Oct. 22, 2018 (GLOBE NEWSWIRE) — Ondot Systems, the global leader in mobile payments services, today announced that it has secured a strategic funding investment from Citi Ventures. Ondot works directly with financial institutions to give consumers increased control over and visibility into their personal payment transactions. With Ondot, consumers can manage functions such as fraud alerts, transaction limits and purchase location restrictions, all from the convenience of an app on their smartphone or desktop. This investment will further support Ondot’s efforts to grow its international presence and product offerings.
Today’s digitally connected consumers are looking for more ways to access detailed information about their digital lives — including personal payment transactions. Ondot’s platform addresses modern consumer preferences by offering a solution that can be built directly into the card processes of financial institutions, making mobile and on-demand solutions more accessible and visible than ever before. Ondot’s provides financial institutions with either a white label app or an API that can be integrated into pre-existing services available to its consumers.
“As we steadily march toward high-frequency, invisible and autonomous payments, consumers increasingly expect detailed information about their transactions,” said Vaduvur Bharghavan, Ondot Systems CEO. “Bringing together details such as real-time transaction authorizations, proximity controls, merchant specifications, and applying machine learning on historical data helps consumers have more control over their cards and delivers a premium cardholder experience.”
Ondot works directly with credit, debit and gift card providers to integrate card control, rich merchant data and customer engagement into its products. Its services are in use by over 4,300 card issuers across four continents to enhance customer experiences for millions of cards, creating an interplay between the user, payment, and data at time of purchase.
“Mobile apps have become the touchpoint of choice for millions of banking customers to manage their finances. With expectations rising, digital banking teams know they need to continuously iterate their mobile apps to ensure that mobile banking experiences are built around customer needs,” wrote Forrester analysts Aurelie L’Hostis, Peter Wannemacher, Arnav Gupta.1
Ondot’s capabilities have delivered a 23 percent increase in card usage and approximately 25 percent reduction in fraud among users, which provides both ease of use and security for multiple parties involved in a transaction: including the merchant and the consumer. It delivers a holistic payment experience to consumers, while providing a turnkey solution for financial institutions seeking to deliver increased transaction visibility to their clients.
“Consumers want to be able to manage their financial lives anywhere and at any time, and their expectations for a seamless experience will continue to evolve, said Ramneek Gupta, managing director and co-head of venture investing at Citi Ventures. “Ondot meets this demand by providing innovative solutions that enable increased access and control of financial information, so we are thrilled to invest.”
About Ondot Systems
Ondot Systems is the global leader in powering mobile payment services, serving over 4,300 financial institutions across four continents. The company’s real-time platform, built upon an API based services-oriented architecture, gives financial institutions a competitive edge by increasing mobile engagement and empowering their customers to personalize, manage and control how payments are made in today’s world of always-on digital commerce, resulting in higher usage of payment instruments while lowering fraud incidents. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.
About Citi Ventures
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem. For more information visit: http://ventures.citi.com/.
1 Footnote Source: Forrester, Best Practices In Global Mobile Banking Functionality, September 2018
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