News

Elan puts debit card management in cardholder hands

July 12, 2016

Elan Financial Services, a division of U.S. Bank and a provider of ATM and debit processing, has launched a suite of mobile service offerings that allow cardholders of issuer banks and credit unions to control how their debit card can be used.

According to a press release, Elan Mobile Services enables customers to:

• instantly turn off their debit card if it is misplaced;
• set location controls to designate where the card may be used and to trigger an alert if it is used elsewhere;
• restrict online purchases if the card isn't being used to shop online; and
• set spending restrictions if the cardholder's child is using the card.

Besides these fraud controls, cardholders can:

• manage account transactions such as checking a balance or transferring money;
• set alerts to notify them about card use that falls outside of specified parameters; and
• deny transactions that don't meet their preset criteria.

Issuers will have the ability to choose which features to offer their cardholders, and will also have options as to how features are delivered — via the My Mobile Money app, through a bank-branded white label version of the app, or through API integration with the issuer's existing app.

"Banks and credit unions that use Elan Financial Services for debit card processing are able to strengthen the relationship they have with their customers by offering mobile card controls," said company president Troy Cullen. "Not only will these mobile options help clients reduce fraud exposure, they increase cardholder satisfaction and usage of our clients' debit cards."

Elan will complete the suite of available services later this year with the rollout of additional functionality to include remote deposit capture and fraud alerting, the release said.