The Minneapolis-based Elan Financial Services, a division of U.S. Bank, launched a mobile services suite for financial institutions that allows cardholders to control debit card use from their mobile phones.
The service aims to increase debit card usage and reduce fraud exposure by allowing cardholders to better manage their cards. Card issuers have the ability to choose which features to offer their cardholders.
The Elan Mobile Services suite allows cardholders to turn off a debit card if it is misplaced, set location controls when they go on vacation, restrict in-store and online purchases, and set spending restrictions.
Beyond the fraud controls, cardholders can also manage account transactions, such as checking a balance or transferring money, set alerts if card use is outside of set parameters, and deny transactions that are outside of their criteria.
"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," Elan Financial Services President Troy Cullen said. "Not only will these mobile options help clients reduce fraud exposure, they increase cardholder satisfaction and usage of our clients' debit cards."
Functionality is deliverable through the My Mobile Money app, via a white label version of the app branded by the financial institution, or through an integration of application programming interface with an issuer's existing app.
"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," Cullen said.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
