Citi signs for MasterCard inControl tech

Citi signs for MasterCard inControl tech

Citi is set to roll out MasterCard's inControl technology, giving customers the ability to set spending controls and receive real-time information about their accounts.

The service will be available to some Citi MasterCard credit cardholders from late 2010 in the first consumer application of the technology in the US.

It will enable the bank's customers to set up and manage spend limits on their cards. They can also set budgets for particular types of spending and manage exactly where, when, how, and for what types of purchases their credit cards may be used.

In addition, the system lets customers establish how and when they receive alerts, via SMS-text or e-mail, to keep them informed in real-time about attempted card activity.

Ed Garofalo, EVP, Citi Cards, says: "Citi is committed to providing greater choice and control to our customers, making their lives easier, and helping them better manage their money consistent with the principles of responsible finance. We believe that MasterCard inControl will help enhance our cardholders' experience, through increased transparency, greater spending confidence, and more secure and efficient financial management."

The inControl technology was developed by MasterCard in association with Dublin-based payments technology vendor Orbiscom, which the card giant then acquired for around $100 million last year.

It was originally targeted at commercial cards, with Royal Bank of Scotland among the banks signing up to it but MasterCard has since also struck a deal in the UK with Barclays for consumer plastic.

Comments: (2)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 20 August, 2010, 12:09Be the first to give this comment the thumbs up 0 likes

Virtually all consumer use of credit card happens after the purchase. In restaurant, gas station, and many other cases, the credit card is presented to the merchant after the consumption - not just after the purchase. In such cases, it would be interesting to observe the proceedings at the point of payment if inControl declines the transaction citing, for example, "you have breached your 'eating out' budget for the month"!  

A Finextra member
A Finextra member 29 August, 2010, 09:04Be the first to give this comment the thumbs up 0 likes

This gives a whole new meaning to willfull and blatant infringement.

We met with CITI in Singapore and they didn't even bother to ask if my system works. All that they wanted to know is what parts are patented. Mastercard is also aware that I am the inventor of record of the card on/ card off system.