Have you wished you could manage credit card activities in real-time? For Vaduvur Bharghavan, chief executive officer of Ondot Systems Inc., this desire led him to create a consumer phone app for cardholders to control everything from getting a card, to using the card and accessing all the associated data insights.
Bharghavan was working in the wireless industry in 2007 when he fell victim to credit card fraud while traveling overseas. He had trouble turning his card off online. "I couldn't figure out a convenient way to do it," he said.
In 2010, fate struck again when Bharghavan's debit card was targeted. "It totaled $8,000, and it took a long time to get it back, and I still didn't get it all," Bharghavan said. "I wanted to outcast the fraudsters, and as a consumer, be in control and manage when, where and how my cards were used."
Bharghavan decided to build a phone app, link it into the payment authorization stream and use predictive mobile technology – such as location tracking – to ensure he and other consumers could "make the purchase where I am, and not the fraudster, who is where I am not," he recalled.
Bharghavan based Ondot in Silicon Valley, partnered with people in the payments industry and went to work to create an app the company brought to market in 2011. The Ondot team directed their focus first on the U.S. market, targeting the financial institutions, card networks and processors.
"Fast forward eight or nine years, and the good news is we have 90 percent of the processing market," Bharghavan said. "We are integrated into the real-time rails of all these processors."
Today, Ondot has operations in eight locations across the globe, 350 employees, and the app is distributed through a growing network of integrated financial partners already 4,500 members strong.
"We reflected on where we are in the market and the ecosystem, and we really wanted to create a holistic card solution that does for cards what mobile banking does for accounts," Bharghavan said. "During the lifetime of Ondot, we've seen a very pronounced shift toward consumers using their mobile devices as the primary point of engagement for all day-to-day activities."
Bharghavan further noted Ondot learned there is a strong connection between a person's credit card experiences and "the power of now." He indicated these experiences typically involve a heightened degree of immediacy, such as moments of tension (a lost card, for example), convenience (travel needs) or delight (appealing offers). Bharghavan wanted to make the Ondot application available on consumers' mobile device to give them, as cardholders, more immediate control when these instances occur.
According to Bharghavan, the app functions like a digital persona of the card, and the user has the ability to set preferences on when, where and how that card can be used. He likened it to a "personal companion."
Explaining the underlying scope of the product, Bharghavan said it responds to a defined set of consumer pain points, such as, "getting a card, using the card, understanding transactions, managing card activity and engaging with the issuer."
The Ondot user interface has also been intuitively designed with settings for adding and activating controls and alerts for security, spend limits, merchant types and more. Additionally, it lists pertinent transaction details in real time, has settings to manage recurring payment and card-on-file relationships, offers interactive feedback and credit score monitoring, and prompts users based on location and purchase data.
"Because we have the user location and profile, we are able to make sure offers can be available in a contextual manner," Bharghavan said. And context continues to inform the company's direction. Bharghavan said Ondot is "driven by consumer needs and working on those technologies we feel will truly help ourselves as consumers."
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
Vice President of Sales
Company Profile originally appeared in
The Green Sheet Issue 200402
220601 - Nationwide Payment Systems
211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
180801 - Century Business Solutions
180502 - Priority Payment Systems Northeast
180501 - Merchant e-Solutions Inc.
180301 - Wirecard North America
180201 - Sysnet Global Solutions Ltd.
171202 - Secure Cryptopayments
171002 - National Benefit Programs LLC
170902 - Frates Insurance & Risk Management
170901 - DCS Holdings Group LLC
170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
170701 - Veratad Technologies LLC
170502 - Frontline Processing Corp.
170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
161201 - CSR Professional Services Inc
161102 - Digitzs Solutions Inc.
161101 - Residual Sheriff LLC.
160801 - DigiPay: Solutions Inc
160702 - CreditCardProcessing.com
160201 - Lead Tracking Systems LLC
151202 - Benseron Information Technologies Inc.
151201 - CardWare International Inc
151101 - Lion Capital Group LLC
150801 - Topcreditcardprocessors.com
150702 - Vision Payment Solutions LLC
150601 - Conformance Technologies
150502 - Global Processing Systems
150402 - Mercantile Processing Inc.
150401 - Field Guide Enterprises
150302 - Signature Card Services
150301 - Premier Payment Systems Inc.
150201 - Humboldt Merchant Services
150102 - Expansion Capital Group LLC
141102 - National Merchants Association
141001 - Instant Credit Manager
140902 - Merchant Cash and Capital LLC
140701 - National Transaction Corporation (NTC)
140601 - Total Merchant Services
140501 - Nationwide Payment Solutions
140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
140201 - Process Pink Payments LLC
131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems