Metavante and Monitise To Create Mobile Payments System for North America
27 March 2007 - 10:05PM
Business Wire
Metavante Corporation, the banking and payments technology
subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today
announced the signing of a memorandum of understanding to form a
joint venture with Monitise, the leading European provider of
secure mobile banking and payments capability, to operate a mobile
payments system in the United States. The joint venture to be
established by Metavante and Monitise will enable consumers to rely
on a common, intuitive and secure interface to initially check
account balances, transfer funds between bank accounts and pay
bills any time from the device they always have with them � the
mobile phone. �Metavante delivers banking and payment technologies
to more than 8,600 financial services firms and business worldwide,
including 91 of the top 100 U.S. banks,� said Alastair Lukies,
chief executive officer and founder of Monitise. �By mobilizing
their market reach as well as their breadth of capability --
ranging from their payments network, core processing, prepaid card
platforms, e-banking and electronic bill presentment and payment --
we are creating an advanced system at a key stage in the evolution
of payments innovation.� The system will be built using similar
principles to the award-winning Monilink platform in the U.K.
Monilink is a joint venture between Monitise and LINK, the
operators of the U.K.'s ATM infrastructure. The U.S. venture will
enable mobile carriers, financial institutions, payment processors,
payment networks and billers to provide innovative and intuitive
financial services to consumers through a collaborative ecosystem.
The Monitise mobile payment platform is a secure, scalable
application that has been endorsed by the World Economic Forum as a
pioneering technology. �Metavante has been closely following the
emergence of mobile technology as a key enabler of mobile payments
innovation for the mass market,� said Frank D'Angelo, group
president, Metavante Payment Solutions. �Monitise is a leader in
the mobile banking and payments field, and it has a unique, proven
capability to develop financial institution-grade, highly scalable
environments. Mobile carriers and financial institutions of all
sizes can re-use this existing infrastructure to provide simple and
intuitive services to their customers with minimal complexity and
up-front investment.� Monitise solutions feature multi-layer
security measures, including a two-factor authentication system
that enables mobile phones to securely generate one-time pass
codes. In addition to mobile payments, the Metavante-Monitise joint
venture makes low-cost, two-factor authentication services
available to U.S. and Canadian financial institutions through
Monitise�s ACCODE service. ACCODE replaces hardware tokens and key
fobs by enabling mobile phones to securely generate a One-Time
Passcode for desktop, remote and portal access, along with point of
sale and Web-based payments. The solution provided by Metavante and
Monitise brings together the key players from their respective
industries and enables them to focus on their core competencies
while benefiting from the economies of scale the larger system
provides. Both parties have been in discussions with key potential
participants in the platform, and they expect to launch the initial
services to consumers later this year. Metavante will provide
hosting services for the Monitise mobile payments platform in the
United States. As part of the hosting services, the NYCE Network
will connect the Monitise platform to its switch. NYCE is a
Metavante company and a leading U.S. electronic payments network
providing consumers with secure, real-time access to their money,
connecting the accounts of more than 74 million cards with 280,000
ATMs and 1.5 million point-of-sale locations nationwide. �The
alliance between NYCE and Monitise will establish two parts of a
complete whole,� said Steve Rathgaber, president and chief
operating officer at NYCE. �Monitise is uniquely suited to
interface with the mobile side, where the transactions will be
initiated, and NYCE will bring those transactions the rest of the
way to the consumers� accounts, over our own secure, reliable
infrastructure.� About Monitise Monitise Ltd., a division of Morse
Plc., one of Europe's leading technology development and consulting
companies, is a specialist in mobile banking technology. Monitise
has developed the world's first mobile banking ecosystem, which
allows consumers to perform banking and payment transactions using
a single consistent interface regardless of their choice of mobile
operator or bank. With live services in the UK, where it has
delivered the MONILINK network in partnership with LINK, the
operator of the UK ATM network, the company is currently working
with international partners to deliver similar safe, secure mobile
banking services in territories worldwide. Monitise was recognized
as a �Technology Pioneer� by the World Economic Forum in 2006.
Further information is available at www.monitise.com. About
Metavante Metavante Corporation delivers banking and payments
technologies to over 8,600 financial services firms and businesses
worldwide. Metavante products and services drive account processing
for deposit, loan and trust systems, image-based and conventional
check processing, electronic funds transfer, consumer healthcare
payments, electronic presentment and payment, and business
transformation services. Headquartered in Milwaukee, Metavante
(www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE: MI). Metavante is a registered trademark of
Metavante Corporation.
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