Alliance Bank Virtual Credit Card with Dynamic Card Number Feature Qorus Banking Innovation Awards 2023

Alliance Bank Virtual Credit Card (VCC) is an open-banking solution which is embedded in our partner’s mobile app. The open-embedded banking solution is a first in Malaysia where paperless and plastic-free VCC services such as application, QR payments, Bill Payments, and in-app payments are packaged into a zero-trust Software Development Kit (SDK) which is easily embedded onto our merchant partner’s mobile platforms. This solution empowers the merchants to offer credit services to their customers on their mobile app to encourage further spending on their e-commerce platforms, and providing their customers a safe, secure, and convenient way to make payments without needing to worry about their credit card credentials being compromised. VCC Customers also have access to use their VCC to transact on any other participating merchant partners’ platforms. This creates an eco-system that empowers the partner merchants collaborate with one another to offer greater product and service offerings to the customers. At the center of this innovation is the drive to embrace environmental, social and governance (ESG) principles by eliminating the need for paper forms and plastic cards. We then enabled Dynamic Card Number innovation for our VCC. The solution is also a first in Malaysia, allowing customers to apply for a fully digital virtual credit card, transact with a random generated dynamic card number for one-time or subscription payment, and also manage their dynamic cards all via their mobile phone. Our digital customer experience for VCC application and near-instantaneous card approval and provisioning enables customers to apply for the VCC anytime anywhere, and start transacting with ease without the need to wait for the Bank to courier any physical card. Our VCC is essentially a numberless card where the customers do not have to manage their primary card credentials. Therefore, customers are empowered to create dynamic card number for specific-purpose payments securely, which can be for a one-time payment or be attached for subscription payments, without any worries of credit card data theft or compromise. Should the customer detect unauthorized transactions on their dynamic card number, the customer can choose to either freeze the card number temporarily if it’s yet to be determine if it’s really a fraudulent transaction, or to delete the card number entirely and generate a new card number all at his finger-tips without needing to call the Bank. With this solution, cutting cards and waiting for the Bank to courier a new card to you when your credit card details are compromised is a thing of the past.