"In the future, every card comes with a lock and a control panel that happens to sit on a phone or other device," said Vaduvur Bharghavan, Ondot CEO.
company's software can be offered as a smart phone application or as a browser tab at an online banking website.
The vast majority of access, however, will be through smart phones, which is why Ondot
calls its product mobile card services software.
also said that Ondot
is trying to move the financial services industry to focus its business less on customer accounts and more on card transactions.
While consumers may access their accounts a few times per month, they conduct card transactions multiple times per day.
"People use their cards a lot more than they use their accounts," he
The software is meant to be customized and branded by each financial institution that adopts it, Bharghavan
charges financial institutions like CO-OP or Lone Star National Bank
a monthly fee per active user.
said Ondot's value to financial institutions lies not only in lower fraud costs but in higher direct interchange revenue and higher indirect interest revenue from greater card transaction levels.