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Smart E-Switch Platform
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“Control is shifting from financial provider to cardholder.”
SMART E-Switch for Corporate Card Accounts enables business account holders to put an electronic lock
and key to their corporate card accounts, making it useless for fraudsters to skim cards that are protected
by this technology. When an employee’s corporate card is not used for any ATM transaction abroad, the
business administrator or the cardholder can lock this card account, making it impossible for fraudulent
out of country ATM transactions. The same control can be applied to card-not-present transactions, out
of country card payments and local ATM transactions. Local card payments with transactions over the
‘floor limit’ that require authorization may also be controlled by business account holders.
Business administrators or cardholders can lock or unlock their corporate card accounts 24 hours a day,
seven days a week. These user limits will take effect immediately, allowing business account holders
to unlock or lock their cards without delay.
- Smart E-Switch - provides control to businesses by enabling them to set their own limits and
actively protect their corporate cards from fraudulent activity by deciding when to switch their cards
to on or off. With Smart E-Switch for Corporate Card Accounts, business account administrators or cardholders
are able to set limits by using a one-click user interface, web application, SMS commands pushed by
mobile application, or by phone (IVR). These limits can be set using various parameters such as but
not limited to amount, cumulative amount, time period, geography, merchant category, type of transaction
(CNP/MOTO, local ATM, cross-border payment, cross-border ATM). Business Account Administrators/cardolders
are authenticated using a strong multi-factor authentication method.
- Smart E-Switch Notification – allows issuing bank’s authorization systems to automatically notify
account administrators or cardholders of card transaction authorization requests. Notification can be
through email, instant messaging or short-message-service text messages.
- Smart E-Tracking – enables account administrators or cardholders to view history of card activity
and aid them in managing their spending. Access is given via a one-click interface, web application,
mobile interface or by phone (IVR). Users are authenticated using a strong multi-factor authentication
method.
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How It Works
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An employee is scheduled to travel to Europe for business. The business account administrator or cardholder
can unlock the business card account for cross-border use (out of country use) for a given amount and
for a given time period. Once the employee comes back from the business trip, the card can be locked
again against cross-border use. The business account administrator or the business cardholder can control
the spending limits of a corporate card. Smart E-Switch is an ideal security system for prepaid cards,
payroll cards, charge cards, corporate cards and even credit cards.
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