News

Partnership puts card control in Chinese consumers' hands

December 28, 2017

Perth, Australia-based fintech provider Tranwall Ltd. has signed a nonexclusive reseller agreement with Union Mobile Financial Technology Co. Ltd., a Chinese financial services provider in Beijing. The deal provides a platform for Tranwall’s transaction control technology to reach millions of account holders in China.

The Tranwall platform allows consumers to manage their card and account transactions via multiple channels in real time, principally via mobile phone. Customers can decide which transactions should and should not be allowed on their cards or transactional accounts.

For instance, the platform allows users to switch transaction types on or off, including tap-and-pay, ATM, e-commerce and other  transactions. Users also can manage transactions by merchant type — for example, disallowing transactions at gambling establishments.

The service can be integrated directly into an FI's current mobile banking application, or used as a standalone application, depending on the institution’s digital and growth strategy. The solution also can be made available via their internet banking platform.

"This is a significant agreement for the growth of our business and provides the opportunity for Tranwall to market the technology to UMF’s existing Chinese client base, and new clients," Tranwall co-CEO Greg Haynes said in the release."UMF is a significant organization in the Chinese market, currently cooperating with over 110 financial institutions, more than 3,000 large enterprises, 700,000 small and medium-size enterprises and over 450 million individual consumers, and we are very proud to have an organization of this standing in our camp, providing local credibility to the technology and services we provide."