Ondot Systems receives $18 mln invetsment

By Staff Reporter

Apr 24, 2014 05:00 PM EDT

Credit and debit card management still pains users as the process has been seen to be complex, said a report from TechCrunch. Although users can control some information regarding balances and online money transfers, turning off or setting transactions cannot be done through the web or from a mobile phone.

Meanwhile, Ondot Systems has been planning to develop a solution to when users want to use the payment system of their cards. The plan has gotten Ondot Systems to receive $18 million worth of investments for its CardControl project, reported TechCruch.

The stealthy company has already collaborated with four major card processors who take charge in handing credit, debit and prepaid card transactions for more than 10,000 banks and credit companies in the United States. This would allow users to experience future technology with the use of CardControl. The latter would allow card issuers to let their clients access and manage their accounts in all aspects through a mobile app.

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