Elan Financial Services, a division of U.S. Bank, has introduced a suite of mobile services for financial institutions that allow cardholders to control the use of their debit card.
Using Elan Mobile Services, cardholders can immediately block their debit card if it is lost, set location controls when they go on holiday, restrict online purchases if the cardholder is not using the card to shop online and set spending restrictions if the cardholder’s child is using the card.
Furthermore, the services will allow the cardholders to easily manage account transactions, such as checking a balance or transferring money, set notification alerts if the card is used beyond their set limits and reject 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.”
Elan said that it will launch additional functionality such as remote deposit capture and fraud alerting later in 2016 to complete the suite of available services.