Visa is to provide bank card issuers with an API to enable customers to set spending controls, receive transaction alerts and temporarily suspend their accounts with an on/off feature.
The API, available through the company’s recently launched Visa Developer platform, will enable banks to provide cardholders with a range of customised control features either over the Web or via the user's mobile device.
Spending controls can be applied to different transaction types, date ranges, or overall card spending, while the on/off feature and transaction alerts via SMS text or e-mail are intended to provide an added layer of security for consumer peace-of-mind.
Visa Consumer Transaction Controls Animation from Visa Vimeo on Vimeo.
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,” says Mark Nelsen, senior vice president of risk products and business intelligence, Visa. “With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”