Ondot Systems, which provides digital services for credit and debit issuers, announced significant growth in 2019, fueled by the launch of Card App, a first-of-its-kind app providing convenience, transparency and control for users of credit and debit cards. To fuel this growth, Ondot has grown to 320 employees, adding over 100 new hires in the last year.
In addition to continuing to build the team at the Santa Clara headquarters, the company announced a new center of excellence in Atlanta, Georgia earlier this year. The Atlanta office includes employees from all departments and is expected to grow to 50+ full-time employees in 2020.
With the rapid change in digital payments around the world, Ondot is also investing in a global presence to ensure that issuers can provide the latest digital experiences to their customers and compete against tech giants and challenger banks. Ondot now has over 50 employees in the Chennai office, 125 employees in Bangalore, and has expanded the Europe and Latin American teams, based out of London and Mexico City respectively.
Ondot has added over 1,000 issuers in the last year, and now provides digital card services to 4,500 card issuers on 4 continents, including two of the top-ten global banks. Currently, 45 of the top 100 banks in the US, and 50 of the top 100 credit unions use Ondot technology. With the rapid growth in issuers, Ondot now serves over 20 million enrolled credit and debit cards, providing control, awareness and security to consumers, and leading to higher usage and lower fraud for issuers.
Additionally, Ondot partners with technology and payment partners around the world, including 10 of the world’s largest payment processors. Ondot’s aggressive pursuit of these partnerships have created a platform where issuers can plug into major third-party providers simply by adopting Card App, unlocking capabilities for community issuers that might otherwise not easily be accessed. With Card App, issuers can quickly adopt technology for identity verification, eKYC, financial wellness, merchant offers, merchant data and wallets.
These partnerships, along with Ondot’s integration into the real-time payments ecosystem, fuels Ondot’s unique position in payments. Ondot is the only company with the existing infrastructure, technology and partnerships to enable the latest digital payments experiences across networks, devices and card types.
Using these advantages, Ondot launched Card App this year at Money20/20. Shortly after Apple Card was launched and shortly before Google Checking was announced, Ondot showed that issuers of all sizes have access to the same simplicity, transparency and convenience that the tech giants are trying to bring to payments. Card App is the first purpose-built app designed to optimize how people interact with their financial institution on a daily basis, through payments.
Vaduvur Bharghavan, CEO of Ondot Systems, said that “Payments are at the epicenter of digital banking transformation. With the entrance now of Google and Apple, financial institutions that don’t accelerate their payments experiences risk becoming secondary in the relationship with the customer.”
Mega banks are investing billions of dollars to compete with these new entrants, and in meeting customer demand for instant gratification and at-your-fingertips convenience. Ondot helps banks and credit unions of all sizes to deliver these digital payment innovations quickly.
