Malauzai Software announced in a press release its partnership with Vantiv to launch Family Manager: SmartKid Control, a program to teach tweens and teens responsible spending habits.
The Vantiv solution, powered by OnDot, will be incorporated into Malauzai’s mobile platform and can be accessed by SmartApp users, giving them access to full payments and transaction monitoring, as well as the ability to ensure that funds are being spent accordingly.
“By partnering with Vantiv, we are allowing families the opportunity to include their children in the financial dialogue,” said Robb Gaynor, chief product officer for Malauzai. “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.”
With enhanced card controls, children can set their own spending limits and alerts, essentially learning how to handle their finances while being overseen by their parents. The app also monitors purchases and locations where the card can be used and for how much. For example, parents can program the card to work at a restaurant but 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.”