International Financial Systems Limited (IFS) has announced a joint venture with RTG Ventures that will develop and roll out the iPayu mobile payments technology.
The joint venture will combine the technical, banking and payments expertise of IFS with the sales, marketing and operations muscle of RTG Ventures.
IFS developed the iPayu platform and RTG Ventures had an existing agreement to license the technology to roll out and embed into its portfolio of products. This agreement sees both sides making a larger commitment to support continuing development of the intellectual property rights and enables the new joint venture to exploit opportunities faster.
Terry Day, CEO of International Financial Systems said: 'This agreement will enable us to concentrate developing the core technology of this exciting product as well as having the marketing expertise on hand to grow the customer base worldwide.'
Dominic Hawes-Fairley, President of RTG Ventures said: 'We are really keen to tie in the visionary technical and professional ability of the team at IFS and there's no better way of doing that than working on it as a joint project.
'We believe the iPayu technology has the power to change the way that many people exchange value and now that we're developing the solution in tandem with the developers, we can ensure that our products are that much more compelling.'