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Source: Thomson Reuters.   Last updated on Dec 15, 2019 at 14:15PM (UTC).   Delayed by at least 15 minutes.
Dubai Financial Market Launches Mobile Application Offering Customers Control Over Transactions of its Leading Debit Card ‘iVESTOR’
Nov 25, 2018
Dubai Financial Market (DFM) announced that it has become among the first financial institutions in the UAE to launch a comprehensive application for effective usage of its debit card ‘iVESTOR’, enabling customers control over their card transactions – thus increasing the levels of flexibility and security in line with their own preferences.

The DFM team developed the new mobile application internally in cooperation with Network International, a leading payment solutions provider in the Middle East and Africa. Acting as a self-service tool, the Card Control solution offers cardholders – whether high net worth investors or parents who want to supervise the supplementary cards they give to their dependents – full and immediate control over the card without the need to contact a call center.
 
Key features of the application include activating or de-activating the card on-demand, auto-deactivation at a specified date and time, setting a pre-determined limit on cash withdrawal as well as restricting the card usage to specific merchant categories and countries.
This solution is accessible through DFM’s smart services application, using the user name and password for DFM eServices. Users can further secure their application through touch ID and face recognition.
 
Within the application, users can also increase the cash withdrawal limit to higher values for a single day, a function that caters to the requirements of high net worth investors who usually receive large amounts of cash dividends into their card account. On the other hand, the application also allows investors to control usage of cards issued to their dependents, including limiting cash withdrawals or country of transaction or merchant types where the card is used.

As and when cardholders set their preferences on the application, details are updated on Network International’s Card Control solution, which powers these features in the background. Network International is a leading payment solutions provider in the Middle East and Africa (MEA) region and, in collaboration with issuer, Emirates NBD, has fulfilled DFM’s iVESTOR card services since 2010. The application will be officially launched early next year in conjunction with the launch of the new design of the iVESTOR card.
 
Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division, DFM, said: “DFM’s strategy focuses on development and innovation. This has been the case with us since inception as we constantly endeavour to employ technological advancements in order to provide market participants with seamless and innovative solutions. Through its history, DFM has introduced numerous innovative solutions such as the iVESTOR card, which is one of the main tools for DFM’s leading dividend distribution service.

We are pleased to see DFM become one of the first financial institutions in the UAE to provide its customers with this comprehensive application and we are proud that it has been developed internally, giving new indication of DFM’s strong Fintech capabilities. We would like to thank Network International, our card service provider, for their collaboration in realizing this significant step by linking this innovative application with its Card Control solution. This achievement underlines the effective partnership between the two institutions since we launched the iVESTOR card in 2010.”

Simon Haslam, Group CEO of Network International, said: Our partnership with DFM on the Card Control solution builds on Network International’s commitment to introduce innovation-led technologies to enhance issuers’ operations and customers’ lives. Enabling customers to control transactions at their fingertips, across all card types and schemes, offers them greater security and peace of mind, in addition to reducing dispute processing and customer service traffic for issuers.”

The iVESTOR card is an innovative payments solution for DFM-listed companies to distribute cash dividends to the card accounts of hundreds of thousands of DFM investors instantly.

Key features of the new application for iVESTOR card control:
  • Activating or de-activating the card on-demand, auto-disabling card after specific time
  • Enabling or disabling of ATM withdrawal, Point of Sale (POS), on-line transactions and even recurring subscriptions
  • Setting the limit of choice on cash withdrawal for both domestic and international transactions
  • Selecting countries and merchant types that the card can be used at
  • Viewing the spending pattern on monthly and yearly basis
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