Mobile Money Ventures (MMV) and CPNI (CPNI) today announced they will be working together to offer financial institutions a comprehensive solution that integrates CPNI's mobile commerce solutions into MMV's mobile financial services platform.
The multifaceted relationship will combine CPNI's PATsend(TM) remote mobile payment technology into MMV's next generation mobile platform, with the opportunity to integrate PATbuy(TM) mobile purchases in the next phase.
A leading global solutions provider, MMV's current offering enables consumers to handle all of their financial activities-banking, bill payments, stock trades, tracking and budgeting-on any mobile handset or wireless carrier. By incorporating PATsend, and in the subsequent stage PATbuy, into its existing platform, MMV will be able to provide turnkey solutions for financial institutions and increase the speed at which their customers can quickly begin making convenient remote mobile purchases and payments down the road.
"The combination of our innovative, highly secure mobile platform and CPNI's industry leading bank-centric mobile payments capability builds on our strategy to provide the best solutions for our financial institution customers," said Jay Bhattacharya, Vice President of Sales at MMV. "CPNI's solutions enhance our already robust offering by further extending our reach into remote mobile payments."
PATsend allows individuals to use a mobile phone to send money to friends and relatives anywhere in the world simply by entering the recipient's phone number. The recipient's banking details are linked to their phone number, but the bank account information is never revealed to the sender for security purposes. PATsend also provides the infrastructure for individuals to send money to unbanked recipients and to users not yet registered for the service, broadening the number of potential customers for financial institutions.
PATbuy allows bank customers to make remote mobile purchases from merchants anytime, anywhere. Consumers enter the merchant phone number on their phone to pay for products and services such as tickets, flowers and mobile top-ups, while financial institutions and merchants benefit from new revenue opportunities.
"The integration of our unique mobile payments solutions with MMV's flexible mobile financial services platform provides great benefits for financial institutions," noted Patrick Bird, President and CEO of CPNI. "By incorporating our solutions, MMV can offer its customers a comprehensive one-stop shopping experience that now includes both types of mobile payments."