Enfuce, the “pioneering” issuer processing platform, has announced the launch of its dynamic spend management tool Authorization Control, which “empowers companies of any size, in any sector, to set transaction and spending controls for any card in real time.”
Combined with Enfuce’s turnkey Card as a Service (CaaS) platform, Authorization Control gives card providers 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.”
Authorization 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, Authorization Control “means card program 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, organizations “can do it themselves without needing Enfuce to do it for them.”
Authorization 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 claims that it “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” 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 claims it is “a one-stop shop for companies that want to issue cards to their customers.”
With Authorization Control as an add-on to Enfuce’s CaaS, companies can “create their own card programs, 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 program 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 Authorization 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.”
Monika Liikamaa, Co-Founder and Co-CEO of Enfuce, said:
“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 Authorization 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.”
Liikamaa added:
“Because it accesses transaction data in real time, Authorization 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, Authorization Control lets organizations 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.”