Nyce to deliver Monitise m-banking platform
04 October 2007 | 1474 views | 0
NYCE Payments Network today announced it will offer mobile banking and payments services to financial institutions - the first commercially available service from a U.S. debit card payments network.
Monitise Americas and Metavante Corporation have signed an agreement through which NYCE will deliver the Monitise Americas platform directly over its existing network architecture. NYCE Payments Network, LLC, is a leading U.S. debit card payments network and a division of Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI). Monitise Americas is a mobile banking and payments system for North America formed by the joint venture between Metavante Corporation and Monitise plc, a global leader in the provision of mobile banking and payments services.
By deploying the Monitise Americas platform, NYCE will deliver a mobile banking and payments service designed to be compatible across multiple mobile carriers, so most consumers would be able to use the service without having to switch carriers or handsets. Planned services include balance inquiries, funds transfers, mini-statements, text message alerts, and bill payment. Several financial institutions will launch services beginning in the fourth quarter of this year.
"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 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."
The Monitise Americas services will be integrated into NYCE's network services. Settlement of funds will be performed through the NYCE standard process and existing NYCE reports will reflect the new transactions.
"The ATM switch offers a trusted means of connecting customers with their accounts — now through their mobile phone," said Lisa Stanton, executive vice president, Monitise Americas. "The consumer's handset is individually registered with the service and protected by a unique passcode offering 24/7 protected access to essential financial information. Furthermore, the encryption helps preserve the integrity of customers' information and transactions. "