PSCU, Ondot partner to offer card alerts and controls solution to CUs
PSCU, a California-based credit union service organization, has partnered with Ondot, a provider of mobile payments services, to implement a comprehensive alerts and controls solution.
According to a press release, the solution allows members to
PSCU's Alerts and Controls features of the solution include:
- Geolocation enabled alerts – can allow or disallow transactions performed outside of the cardholder's location.
- Lock-unlock switch – enables or disables individual cards.
- Transaction type settings – enables or disables card for in-store, ATM and e-commerce transactions.
- Merchant type settings – enables or disables card for use in department stores, for entertainment and travel and more.
- Threshold controls – enables or disables specific transaction amounts or monthly spending limits.
- Transaction type alerts – notifies the recipient of transaction types (e.g., in-store, ATM, e-commerce, etc.) merchant categories (e.g., gas station, restaurant, travel), and specific transaction volume.
The service can be fully integrated into credit unions' mobile and online account management applications, or delivered through the CUSO's digital experience platform, the release said.
PSCU said that owner credit unions that implement the solution can expect to see lower fraud losses — on average, the controls and real-time alerts reduce the number of fraud attempts before action is taken from 2.87 to 1.05. Additionally, call volume to contact center representatives is typically reduced, and card use and top-of-wallet movement is increased as members become more empowered and engaged.
"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," Jeremiah Lotz, PSCU vice president of product management, said in the release. This is one of the many exciting developments in our mobile solution that our owners can expect to see in the coming months."