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SmartKid Control App to Teach Teens and Tweens Responsible Spending

May 19 —  Malauzai Software, a provider of mobile and Internet banking SmartApps for community financial institutions, announced a partnership with Vantiv, a provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, to launch Family Manager: SmartKid Control. The Vantiv solution, powered by OnDot, will be incorporated into Malauzai’s mobile platform and can be accessed by SmartApp users.

Robb Gaynor, chief product officer for Malauzai, commented, “By partnering with Vantiv, we are allowing families the opportunity to include their children in the financial dialogue. Teaching children how to be responsible with their money is what inspired us to create SmartKid Control, and we are determined to consistently provide the tools and ability for consumers to tailor their programs to fit their specific needs.”

Through the partnership, financial institutions leveraging the SmartKid Control functionality can provide SmartApp users with full payments and transaction monitoring as well as the ability to ensure that funds are being spent accordingly. With the enhanced card controls power, administrators can assign user privileges and children can then set their own spending limits and alerts, essentially learning how to handle their finances while being monitored by their parents. The app would monitor purchases and locations where the card can be used and for how much. For instance, the card could be programmed to work at a restaurant and not at a liquor store.

“Consumers expect an experience that is convenient and mobile-forward, which is exactly what SmartKid Control will deliver across any device,” said Mick Oppy, vice president of product, financial institutions at Vantiv. “Our commitment to providing innovative tools, while fostering financial education is a passion we share with Malauzai. It is important for consumers to have complete control of their family’s finances, and to do it in one place.”

The response to SmartKid Control has been tremendous. By addressing real-life payment scenarios, financial institutions are able to build loyalty among account holders, differentiate themselves in an increasingly competitive environment, and provide a product that brings immediate, tangible value to account holders.

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