Mobile Money Ventures (MMV), a leading global solutions provider of the next generation of mobile financial services, announced today it is teaming up with Digital Insight, the financial institutions division of Intuit, to make next generation mobile solutions more broadly available to financial institutions.
The agreement was announced today at the BAI Retail Delivery conference in Boston.
"In today's strained economy, Americans are looking to their bank or credit union for help managing their finances," said Albert Ko, senior vice president of online financial management at Digital Insight. "Working with MMV expands our mobile capabilities to help financial institutions put more information in the hands of end users, no matter where they are."
MMV was named a preferred mobile financial services provider for Digital Insight based on the strength of its products, its proven ability to quickly bring new mobile technologies to market, and its strong financial position. MMV has a successful track record of deploying innovative mobile products globally, including banking and stock trading with Citibank Hong Kong.
"Financial institutions understand the tremendous value that their customers gain from immediate access to financial information. We're excited that our relationship with Digital Insight will dramatically expand the reach of mobile financial services to banks and credit unions across the U.S." said Jay Bhattacharya, senior vice president of strategic business development at MMV.
In addition, MMV recently secured $12 million in second round funding from strategic investors. The additional funding will fuel MMV's innovation strategy and accelerate its ability to deploy next generation mobile financial service solutions.
With the MMV mobile solution, customers can easily access their financial information, transfer funds, pay bills, check bank product rates and locate the nearest ATM or branch from any mobile phone with a web browser. Customers can log into their accounts using their internet banking username and password. To protect financial information, the solution utilizes two-factor authentication and 128-bit encryption. In addition, no financial information is ever stored on the mobile device.
MMV has also worked with Citi to launch mobile banking and other financial service solutions in five countries worldwide.