Ondot launches service to disrupt FinTechs

Mobile payments systems provider Ondot Systems has launched a range of digital solutions aimed at enabling the UK and Europe’s largest incumbent banks to compete with and disrupt emerging FinTech challengers.

The firm uses a machine learning driven platform to offer control over card usage, digital card issuance, secure online and autonomous payments, and location tracking services to over 4,000 financial institutions worldwide.

It lets cardholders to instantly create a new virtual card number and control the use of the card to a specified time window, spend amount, location, merchant and device. The card numbers are associated with dynamic security codes (CVV2) for securing online transactions.

Rachna Ahlawat, executive vice president of Ondot, said: “In the UK, there is already an enormous consumer demand for mobile-first experiences throughout the banking and payment journey – big banks are partnering with FinTech companies to accelerate digital transformation at every step of the customer’s journey.”

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