Interswitch Transnational has announced the launch of an innovative new solution for setting card transaction permissions and controlling transaction types and amounts. Known as ‘Transaction Control’, this revolutionary solution from Interswitch is a card based anti-fraud solution that automatically locks down a bank’s issued cards based on preset criteria.
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The fully customizable solution comes with predefined card permissions and allows for a variety of permissions to be set and activated in accordance with the wishes of the card issuer and the cardholder. It works across the major debit and credit card platforms operational in Nigeria -Verve, Mastercard and Visa. Existing cards can equally be enabled to make use of the solution.
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Shedding more light on the rationale behind Card Transaction Control, Head Products & Innovation at Interswitch, Inalegwu Alogwu said, “Card Transaction Control is one of the many ways we continue to respond to the needs of our customers and partners intuitively. We understand the need to create solutions that are relevant and specific to the business environment we all operate in and so it was important for us to create a way to enable Nigerian cardholders take control of their own transaction security in a way that is customizable and easy to use.”
The solution has already been adopted by Wema Bank where it is known as Wema Card Control.
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