/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Enfuce launches spend management tool

Enfuce, the pioneering issuer processing powerhouse, has announced the launch of its dynamic spend management tool Authorisation Control, which empowers companies of any size, in any sector, to set transaction and spending controls for any card in real time.

  0 Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Combined with Enfuce’s turnkey Card as a Service (CaaS) platform, Authorisation Control gives card providers unmatched flexibility to create sophisticated rules for approving and declining transactions in real time, and to have total control over how, where and when cards can be used.

As cards, apps, embedded payments and digital wallets become more widely used across a fast-expanding array B2B and B2C applications and sophisticated use cases, card providers like companies, fintechs and neobanks require more advanced spend controls than just limiting purchases to a certain sum or merchant category.

Authorisation Control goes far beyond current spend management tools in the market, which typically only offer a few generic and basic functions through complicated interfaces that are difficult to navigate. With the ability to set one-time or recurring spend limits, location or merchant restrictions or permissions, and granular transaction data viewable in real time, Authorisation Control means card programme managers, finance heads, procurement executives and family members can gain total visibility and control over how their cards are used.

With Authorisation Control, card providers, issuers and card managers can:

  • get real-time transaction data insights on card usage
  • set spending limits, restrictions and permissions for single-use virtual cards, reloadable prepaid cards and credit cards
  • ensure the cardholder is verified, whether they’ve entered a PIN, or completed 3D Secure and Strong Customer Authentication checks
  • get flexible available balance instead of fixed credit limit or top-up balance
  • offer customers cards with detail-level customised controls
  • receive authorisation data that is easy to read and relevant to quickly implement custom controls.

Enfuce’s API and Authorisation Control interface has been designed to be seamlessly integrated and as easy to use as possible, especially for entities not familiar with authorisation services. No previous experience or knowledge of card scheme message formats is required. A major difference enabled with this ease of use is that when spending limits need to be adjusted, organisations can do it themselves without needing Enfuce to do it for them. Authorisation Control will be available to Enfuce B2B and B2C clients of all sizes, locations and geographies.

Led by co-founders and co-CEOs Monika Liikamaa and Denise Johansson, Enfuce offers a fast alternative to existing issuer processing platforms, with the agility to quickly add modules and services as and when needed, and a flexible pricing model that’s far more cost-effective and in tune with the scaling needs that companies look for. The first in the world to fully move card issuing to the cloud, and with its turnkey CaaS model, packaged BIN sponsoring, and all regulatory compliance taken care of, Enfuce is a one-stop shop for companies that want to issue cards to their customers.

With Authorisation Control as an add-on to Enfuce’s market-leading CaaS, companies can create their own card programmes, and enrich decision-making by combining transaction data with their own data, from their customer apps or CRM systems for example, to have 360-degree understanding of their card programme usage and trends, and to become even more relevant to their customers.

Denise Johansson, Co-Founder and Co-CEO of Enfuce, comments: “I do believe that Enfuce has the most accessible and flexible spending solution with Authorisation Control. We offer it to all of our customers, regardless of whether they’re consumer or commercial, regardless of whether it’s for a prepaid or credit product. We can provide total card control for every company and every card they offer.

 

“Many companies have been unable to maximise the potential of their card programmes, as they’ve been unable to understand transaction flows and believe authorisation management is too complex and scary to implement. Enfuce takes away that complexity. With Authorisation Control, something that was hard to do previously is now so much easier. We strive for excellence in every service that we launch, and our Net Promoter Score of 95 shows our focus on customer satisfaction. Combined with our CaaS platform, which has the fastest onboarding time in the market of just eight weeks, Enfuce is empowering our customers to create even more end user propositions, and the best possible customer experience for their end users.”

Monika Liikamaa, Co-Founder and Co-CEO of Enfuce, says: “With Authorisation Control, we have taken something that is usually incredibly complex and translated it into something that is easy for our customers. You don’t need to be a technical expert or have a manual at hand to use Authorisation Control, as it gives card managers everything they need to control how their cards are used – and all in real time. They can adjust authorisation and spending limits whenever they want, to be as fluid or as strict as they need to be and have full control of the end-to-end process.

 

“Because it accesses transaction data in real time, Authorisation Control’s flexibility allows for a multitude of use cases across B2B and B2C applications. The more transaction variables you have, the more sophisticated things you can do with the card. For instance, Authorisation Control lets organisations see which employee is using the card, which merchant or supplier they’re spending at, what they’re buying, and whether it's a PIN, contactless or digital wallet transaction. Or parents or family members can set spending controls on their child’s card so that they can only buy items that the parent has permitted, or use the card for a specific time period, like during a school trip for example.”

Enfuce’s CaaS ensures banks, fintechs, financial institutions and non-bank brands can become and remain fully PSD2-compliant, with programme management, data reporting and analytics, BIN sponsorship, card issuing, and effortless regulatory KYC/AML and payment scheme compliance all taken care of. With these unmatched levels of speed, flexibility and end-to-end programme management, clients can launch card payment services for customers with quicker time-to-market, give third-party service providers access to digital accounts, and give customers and end users even more choice in payment methods.

The launch of Authorisation Control comes hot off the heels of Enfuce’s recently secured €45 million in Series C funding from Vitruvian Partners, a global investment firm which is intent on supporting the most ambitious, high-growth companies. Enfuce is using the funding to kickstart its expansion across Europe and become the go-to payments partner companies in every sector, as embedded finance opportunities open up to meet urgent consumer and business demand.

Established in 2016 in Finland, and already the trusted number one issuer processor for more than 35 partners, including Pleo, Qred and Rocker, Enfuce is the only issuer processor that can launch CaaS for businesses in just eight weeks, an unrivalled onboarding timeframe compared to other providers that typically take up to six months to get partners up and running with embedded payments. Key applications for Enfuce’s services include expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending. 

Sponsored [Webinar] PREDICT 2025: The Future of AI in the US

Comments: (0)

[On-Demand Webinar] Global Workforce Payments: Mastering a world of complexityFinextra Promoted[On-Demand Webinar] Global Workforce Payments: Mastering a world of complexity