Bank of Montreal to resell 724 wireless banking products

Bank of Montreal to resell 724 wireless banking products

Canada's Bank of Montreal is to onsell 724 Solutions' wireless products to smaller North American financial institutions.

Under the agreement, the bank will market 724 products to smaller North American banks who are not the primary target of the Toronto-based vendor, which currently sells to larger institutions.

Lloyd Darlington, president and CEO, Emfisys (BMO's technology and e-commerce division) and head, e-business, says: "Predictions are that there will be more wireless subscribers capable of Internet access than wired Internet users by the end of 2002. TowerGroup estimates that, by 2005, there will be 35 million wireless financial services customers in North America and that, within the same timeframe, $699 million (U.S.) will be spent on wireless IT by the financial services industry in North America."

The bank rolled out its own mobile platform, powered by 724 Solutions, in May 1999. It also claims to be the first bank to launch wireless banking in the US through its Harris Bank unit.

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