Alliance Bank Virtual Credit Card with Dynamic Card Number Feature Qorus-Infosys Finacle Banking Innovation Awards 2024

Alliance Bank Malaysia Berhad (Alliance Bank) launched the Virtual Credit Card (VCC) open banking solution which is embedded in our partners’ mobile apps in February 2022. The open-embedded banking solution is first-of-its-kind 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 partner’s mobile e-commerce/wallet platforms.

At Alliance Bank, we believe this solution empowers our partners 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. Just as important to note, 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. VCC is a fully digital product that empowers customers to transact cardless, cashless and paperless. As part of the Alliance Bank’s commitment to bring about positive change to society and the environment, we built the value proposition of our products around our customers as the Alliance Bank Credit Card Digital Card Number provides a green solution for those who are digitally inclined.

Fast forward to this year, we launched the VCC with DCN innovation on allianceonline Mobile in April 2023. The solution is another first by a bank in Malaysia which allows our customers to apply for a fully-digital VCC, transact with a random generated DCN for one-time or subscription payment, and also manage their DCNs on their mobile phone. Our digital customer experience for VCC application and near-instantaneous card approval enables customers to apply for the VCC anytime and anywhere, allowing customers to start transacting with ease without the need to wait for the Bank to courier any physical card.

Essentially, our VCC is a numberless card where customers do not have to manage their primary card credentials. This way, customers are empowered to create DCNs 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. Whenever customers detect any suspicious transactions, they can immediately freeze the card to avoid further unauthorised transactions and unfreeze it anytime they wish to use it again. All this can be done directly and immediately in the allianceonline Mobile app or the participating partners’ apps 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.

Source: https://www.alliancebank.com.my/cards/personal/credit-cards/virtual-platinum-virtual-credit-card/aom.aspx#CardFeatures

Refer to slides 11-36 of the attached presentation deck.