Union Mobile Financial Technology partners with transaction controls specialist Tranwall
Tranwall and UMF team up
Courtesy of a new partnership between Australia’s Tranwall and Union Mobile Financial (UMF) Technology, transaction control technology is headed to card and account holders in China, writes David Penn at Finovate (Banking Technology‘s sister company).
With Tranwall’s platform, customers will be able to manage both card and account transactions in real time, using a variety of channels including their smartphones. Customers can manage transactions by merchant type or switch off certain transaction types (tap-to-pay, ATM) entirely.
Available as both an integrated solution to a financial institution’s mobile banking app or as a standalone solution, the new platform aims to increase customer engagement while reducing fraud and fraud-related costs.
“This is a significant agreement for the growth of our business and provides the opportunity for Tranwall to market the technology to UMF’s existing Chinese client base, and new clients,” says Tranwall co-CEO Greg Haynes. He points out that UMF works with 110+ financial institutions, 3,000+ large corporations, 700,000+ SMEs and 450+ million individual consumers. “We are very proud to have an organisation of this standing in our camp, providing local credibility to the technology and services we provide,” he adds.
The APAC market is an area of emphasis for Tranwall, Hayes says, and the company plans to invest “significant resources” in China’s banking market. China has an enormous card market, the largest in the world,in fact. This, coupled with its leadership in mobile banking technology and mobile payments adoption (more than $5 trillion in mobile payment volume last year), makes the region a priority for firms like Tranwall, he comments. “We expect that the Chinese adoption of Tranwall technology will lead to market acceptance throughout the wider Asia market.”
Tranwall was founded in 2011 and is headquartered in Perth, Australia.
