News

Fiserv mobile app puts card management in the hands of cardholders

CardValet lets cardholders monitor and control how, when and where their card is used — and set limits on spending.

January 23, 2015

Fiserv Inc., a provider of financial services technology solutions, has launched CardValet, a mobile application for card management that helps financial institutions improve cardholder engagement and reduce fraud losses by letting cardholders monitor and control how, when and where their cards are used.

Using CardValet, cardholders can turn their card off when it is not in use. Additionally, the app allows the user to establish spending limits that permit transactions up to a certain dollar value and decline transactions that exceed this threshold.

Transactions also can be monitored or controlled for specific merchant categories — such as travel, restaurants, or entertainment — and can be denied or reported for specific types of merchants.

Further, alerts can set up to inform cardholders of specific types of transactions. CardValet can send an alert when a card is used, when a transaction is approved and exceeds any of the permitted use policies, or when a card transaction has been attempted but has been declined based on the parameters established.

Jayne Berthelsen, senior vice president of market and product development for credit and debit solutions at Fiserv said the app was first tested with the company's own employees:

Before we rolled this out to our clients, we piloted it with our own associates, and the response was overwhelmingly positive. Our associates liked the control the product gave them. Especially in light of the recent high-profile security breaches, our associates told us that they felt much more confident that if unauthorized transactions occurred on their card, they could detect the activity and turn their card 'off' immediately in order to prevent fraudulent transactions.

CardValet works in addition to an FI's existing fraud rules, and can be downloaded from the Apple App Store or Google Play Store. Fiserv currently has plans to launch CardValet capabilities through its other digital and mobile channels, the release said.