December 1, 2014
Monitise recently announced the expansion of its commercial relationships with the Santander Group, the Telefónica Group and MasterCard Inc. This would support the development and accelerated rollout of its global platform capabilities. Alongside this, IBM has agreed to deploy its cognitive computing engine, Watson, in support of Monitise’s new technology platform. Monitise also announced an agreed £49.2 million in aggregate investment by the three companies touted as ‘Strategic Partners’.
The investment proceeds will be used for business development activities and further acceleration of investment in the Monitise Group’s technology. The commercial collaborations with the Strategic Partners can have following implications:
Santander: An accelerated pipeline of opportunities leveraging Santander’s expertise and scale together with Monitise’s technology to build new Mobile Money capabilities for Santander, the largest Eurozone bank by market capitalisation.
Telefónica: Developing new products and services, leveraging Telefónica’s expertise and Monitise’s capabilities. Telefónica, one of the largest mobile network operators in the world, has recently finalised an agreement to further such cooperation with two country roll-outs in Latin-America during 2015, including Brazil.
MasterCard: Working on joint development and deployment of new digital payments services. These include cross-border mobile remittance capabilities, mobile transfer solutions and cloud-based payments services for businesses globally such as financial institutions, merchants, digital service providers and public sector organisations. These services will be available as configurable components of the Monitise platform in future.
In addition, Monitise the deepening collaboration with IBM deliver cloud-based mobile commerce solutions to businesses globally. IBM intends to contribute additional technology services and resources to augment the Monitise platform. This will include the deployment of Watson, IBM’s cognitive computing and machine-learning technology.
The strengthening of Monitise’s relationships with Santander,Telefónica, MasterCard and IBM will serve to accelerate the take-up and roll-out of Monitise-enabled products and services.
Monitise co-CEO Alastair Lukies said in an official press release: The Mobile Money industry is now a global phenomenon. In developed markets it is fundamentally changing the way we bank, pay and buy. In emerging markets it is the foundation of new economic systems. There are two clear and distinct approaches appearing in this industry: disruptors looking for control and collaborators working together to share in a very big and sustainable opportunity. With our partners, we are delighted to be playing our role as an enabler to the Mobile Money collaborators. Via deepening partnerships, our increasingly connected mobile commerce services can become even smarter and more engaging for the businesses we work with.
Monitise co-CEO Elizabeth Buse said in an official press release: In order to succeed, organisations increasingly realise that partnerships without frontiers are critical to enabling them to engage with and serve their customers in an evolving digitally-connected world. Our approach to open collaboration across industries supports this by simplifying access to a common mobile network for partners via our cost-effective, subscription-based, flexible technology products and services. The next phase of our strategy sees Monitise, in collaboration with its partners, accelerating on its strategy to be the world’s leading enabler of digital commerce services.