Solution empowers members to personalize and secure payments across digital channels
PSCU, the nation’s premier payments credit union service organization (CUSO), has partnered with Ondot, the global leader in mobile payments services, to further enhance the credit union member experience through a comprehensive Alerts and Controls solution.
The best-in-class solution – which represents an evolution of PSCU’s current alerts offerings – can be fully integrated into credit unions’ mobile and online account management applications or delivered through PSCU’s digital experience platform. It uses advanced technology to offer alerts for account activity and spending limits, along with location-based controls for card usage.
“PSCU is committed to service excellence and focused on innovation. We continue to invest heavily in the digital channel in order to enhance offerings for our Owner credit unions, enable engaging member experiences and protect our Owners from fraud,” said Jeremiah Lotz, VP of Product Management at PSCU. “We are excited to now offer the most robust tool on the market to deliver on that commitment.”
PSCU made the decision to partner with Ondot due to the company’s track record for delivering the most innovative, user-friendly mobile card control solutions in the country, enabling credit unions of any size to compete with top-tier banks. Features include convenient access through the digital channels whereby members set their preferences directly within the credit union’s mobile or online banking site; real-time notifications delivered via text or email alerts and push notifications; and in-app review of transaction details by members prior to contacting a call center.
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PSCU Owner credit unions choosing to implement the solution can expect to see lower fraud losses with card controls and real-time alerts which, on average, reduce the number of fraud attempts before action is taken from 2.87 to 1.05. Call volume to contact center representatives is typically reduced, and card usage and top-of-wallet movement is increased as a result of empowered and engaged members.
“Members of our Owner credit unions will now have the ability to easily transact with their card on and off, set spending limits, even create real-time alerts, all to ensure they can seamlessly manage their finances. This is one of the many exciting developments in our mobile solution that our Owners can expect to see in the coming months,” added Lotz.
PSCU’s Alerts and Controls solution includes a wide array of robust features including:
– Geolocation Enabled Alerts – Allow/disallow transactions located outside of the cardholder’s location
– Lock/Unlock Switch – Enable/disable individual cards for use
– Enable or Disable Transaction Types – Enable/disable card use for in-store, ATM and eCommerce transactions
– Enable or Disable Merchant Types – Enable/disable card use for department store, entertainment, travel and many other purchase environments
– Threshold Controls – Enable/disable specific transaction amount or set spending monthly limit
– Transaction Type Alerts – Receive notice of transaction types, e.g., in-store, ATM, eCommerce and merchant categories like gas station, restaurants and travel, as well as specific transaction volume
“Mobile card control services are no longer an option to remain competitive and provide the highest level of member experience,” said VaduvurBharghavan, CEO at Ondot. “We are excited to partner with a CUSO leveraging technology to ensure its Owner credit unions have the ability to deliver seamless and secure card management options to provide personalized and engaging card-based payment experiences.”