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UK mobile banking and payments service provider Monitise has
announced significant product enhancements to be implemented in
2008. The enhancements cover Monitise’s UK service MoniLink and US
service Monitise Americas, a recently launched joint venture with
US banking and payments technology vendor Metavante.
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Enhancements being introduced include:
• the ability to manage multiple accounts including bank accounts,
credit and pre-paid cards and loyalty cards from a single
application;
• a full range of payment services including inter-account and
peer-to-peer transfers, bill payment and international
remittances;
• secure messaging services, allowing customers to send or receive
messages from their financial services provider such as requests
for credit limit increases or card activations;
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By GlobalData• two-factor authentication for internet banking, providing an
additional layer of security through the use of unique passcodes
and instruction confirmation; and
• ATM and branch locators.
Monitise’s service connects to financial institutions using their
payment processing connections and is compatible with any bank or
mobile network.
Major client for Monitise Americas
Monitise Americas has scored an important success, gaining as its
first major US client NYCE Payments Network (NYCE), a debit card
payments network that connects the accounts of more than 74 million
cards. NYCE has 280,000 ATMs and 1.5 million POS locations.
The service, which will be integrated into NYCE’s network and
offered to US financial institutions, includes balance inquiries,
fund transfers, text message alerts and bill payments to US
financial institutions.
“This innovative arrangement is one of the first to offer financial
institutions mobile services that are as simple and as secure as
plugging into the network,” said Steve Rathgaber, NYCE’s president
and chief operating officer. “Offering this type of service through
a single relationship with NYCE provides our financial institution
participants the means to initiate mobile financial services
without significant integration efforts or integration
costs.”
Several US financial institutions will launch services in alliance
with NYCE in the fourth quarter of this year.
