Elan Financial Services, a division of US Bank, has launched a suite of mobile services offerings for financial institutions that allow cardholders to control how their debit card can be used.
Elan Mobile Services help financial institutions stay competitive, increase debit card usage and reduce fraud exposure because their cardholders can manage cards right from their mobile phone. Using Elan Mobile Services, cardholders can:
- instantly turn off their debit card if it is misplaced;
- set location controls when they go on vacation, to indicate where the card can be used and alert the cardholder if it is used somewhere else;
- restrict online purchases if the cardholder isn’t using the card to shop online; and
- set spending restrictions if the cardholder’s child is using the card.
Beyond the fraud controls, cardholders using Elan Mobile Services can:
- easily manage account transactions, such as checking a balance or transferring money;
- set alerts to notify them if the card is used outside of their set parameters; and
- deny transactions that are outside of criteria set by the cardholder.
Elan Financial Services president Troy Cullen said: “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.
“Not only will these mobile options help clients reduce fraud exposure, they increase cardholder satisfaction and usage of our clients’ debit cards.”
Card issuers will have the ability to choose which features to offer their cardholders. They will also have options when it comes to how these features are delivered.
Functionality can be delivered through the My Mobile Money app, via a white label version of the app branded by the financial institution, or through Application Programing Interface (API) integration with an issuer’s existing app.
Cullen said: “Giving our clients options on which services to offer, and how to deliver them, will allow them to tailor a card management program specific to their needs.
“Elan Mobile Services has options for any size organization on any budget.”
Elan will be rolling out additional functionality, including remote deposit capture and fraud alerting, later in 2016 to complete the suite of available services.