Mobile platform offered through NYCE, Monitise Americas supports community bank mobile banking.
Monitise Americas continues to expand, with 20 Financial institutions now signed on to offer its mobile platform through NYCE payments network
Community banks and credit unions join the ranks of larger financial institutions to offer mobile banking and payments to their customers and members
PROVIDENCE, R.I. – February 4, 2008 — Monitise Americas, LLC, a leading mobile banking and payments provider, today announced that five additional financial institutions have signed agreements with NYCE Payments Network to provide mobile services to their customers and members. These new agreements bring the total number to 20 financial institutions that have chosen the Monitise Americas solution for their mobile needs. NYCE Payments Network, LLC, is a leading U.S. debit card payments network and a Metavante (NYSE: MV) company. Metavante is a leading provider of banking and payments technology.
The signing of these agreements comes on the heels of 10 financial institutions that were announced earlier in January. The most recent institutions to offer mobile banking and payment services from Monitise Americas and NYCE include: Commerce Bank of Arizona, Tucson, AZ.; Forest Park National Bank & Trust Co., Forest Park, IL.; Industrial Credit Union, Boston; Patriot State Bank, Fuquay-Varina, N.C.; and Wedbush Bank, Los Angeles.
Customers of the participating financial institutions will be able to check their account balances, view recent transactions, transfer funds and receive text message alerts. Over the coming months many additional services including bill payment and person-to-person payments will be introduced.
“By partnering with Monitise Americas and NYCE Payments Network, we are able to offer the most advanced services to our customers, enabling them to keep track of their money whenever and wherever they require,” said Scott Racusin, president and chief executive officer, Wedbush Bank. “By leveraging our existing connection to the NYCE Network, we are able to offer a world-class level of consumer service today, with a clear line of sight to the future payment technologies of tomorrow.”
Celent LLC estimates that by 2010, 30 percent of U.S. households that use online banking — about 17 million — will use some form of mobile banking[i] According to these numbers, the demand for services such as balance inquiries, funds transfers, mini-statements and text message alerts will increase exponentially, as consumers increasingly demand a mobile “remote control” to their finances.
“The ease with which financial institutions — regardless of their size — can integrate our technology through the ATM switch will further drive growth in the adoption of mobile banking and payments,” said Lisa Stanton, chief executive officer of Monitise Americas. “With relatively little technical effort or start-up costs required to add this technology to their expanding set of services, as well as the convenience it provides to the consumer, financial institutions can immediately see a positive return on their investment.”
The Monitise Americas solution differentiates itself by leveraging existing ATM and point-of-sale network connectivity to deliver mobile financial services directly to consumers’ mobile devices. This creates a scalable solution that financial institutions can capitalize on regardless of their size, charter or mobile strategy.
“Expanding our ATM/debit network to provide the rails for delivering a secure mobile banking offer provides the enhanced security that issuers and consumers are looking for,” said Steve Rathgaber, president and chief operating officer at NYCE. “Financial institutions are clearly seeing the benefits of providing a new access channel to their customers and members that enables them to bank where, when and how they want.”
NYCE Payments Network, LLC, helps its clients grow with innovative new products and strategic alliances that enable them to capitalize on the efficiency, consumer convenience and security of electronic real-time payments. The NYCE Network provides consumers with secure, real-time access to their money, connecting the accounts of more than 74 million cards with 280,000 ATMs, and 1.5 million point-of-sale locations nationwide. NYCE Balance Transfer (formerly Response Data Corporation) drives asset growth for consumer credit issuers through automated balance transfer/consolidation payment services. Headquartered in Secaucus, N.J., NYCE Payments Network, LLC, (www.nyce.net) is a Metavante (NYSE: MV) company.
About Monitise Americas
Monitise Americas is a joint venture between Metavante Corporation, a leading provider of banking and payments technologies to financial institutions and businesses worldwide and Monitise plc (MONI.L), a specialist in mobile banking technology. Monitise Americas provides mobile banking and payment services to North American financial institutions predicated on an “ecosystem” principle, which allows multiple mobile carriers and financial institutions to deliver services over a single platform. It has a sister ecosystem in the United Kingdom, MONILINK, developed by Monitise plc in partnership with VocaLink. Current partners of MONILINK include: first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G.
For more information on Monitise Americas and details of how to benefit from participating in its cross-America ecosystem, please visit www.monitise.com
1 Celent, Mobile Banking Vendors: Tackling the Technology - Distribution Tradeoff, Red Gillen, September 2007.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.
Kristina Peterson, Monitise Americas
Jennifer Mussman, Edelman