Enabling Technologies

After Visa, Monitise now Collaborates with CSCU to offer Mobile Banking Solution

More than 50% of all payments made in Europe will be done through a phone device by 2020 according to VISA. To leverage this market, Monitise has been working with VISA since February 2011. In the first week of September 2013, Monitise entered into a partnership with Card Services for Credit Unions (CSCU) to offer its mobile banking solution to CSCU’s suite of products for over 2600 member credit unions.

Monitise, based in London, was founded in 2003 by Alastair Lukies (CEO). The company was recognised as a ‘Technology Pioneer’ by the World Economic Forum in 2005. Monitise says that have over 600 dedicated people working for Mobile Money Solutions including Adam Levene (SVP), Lee Cameron (COO) and Brian McBride. Monitise has received a total funding of $65.7 Mn through investors First Eastern Investment Group and Visa International Service Association.

CSCU expands its mobile banking solutions to include Monitise’s Bank Anywhere solution with this partnership. Financial institutions are progressively being judged on their technological innovation, and those that fail to differentiate their mobile solutions risk losing market share and revenue opportunities," said Lisa Stanton, President of Americas at Monitise. "We are thrilled to be collaborating with CSCU on delivering the most advanced array of mobile banking capabilities to its extensive network of member credit unions."

The services offered by Monitise are:

  • Mobile Money solutions: Monitise helps business profit from Mobile money by simplifying its complexity and providing a single point of connection to an ecosystem of partners. Monitise “Bank anywhere” solution helps users to send money to friends and relatives. Users are enabled to make payments in an easier and faster way with its “Pay Anyone” solution. Monitise “Buy anything” solution helps customer in shopping, loyalty and instant mobile check out.

  • Enterprise platform: Monitise enterprise platform is designed to deliver innovative mass market, massbanking, mpayment and mcommerce solutions for customers.

  • Managed Services: Monitise managed services are designed to help customers deliver secure and scalable mobile services across the world. It provides end to end operations like managed hosting, technical management, application management, IT operations, and service support. 

On October 1st 2013, Monitise announced the release of its next generation platform that offers credit unions and banks unrivalled ways to capitalize on the growth of payments, commerce services and mobile banking. A modularized architecture that enables fast and frequent updates to individual aspects of a financial establishment’s mobile offerings, is incorporated in the latest version of Monitise’s technology (Vantage 5.1).

Around 24 Mn customers and 350 financial institutions benefit from Monitise’s ‘Buy Anything’, ‘Pay Anyone’ and ‘Bank Anywhere’ technologies. This accounts for about $50 Bn of purchases, transfers and payments annually according to the company. Monitise acquired ClairMail for a sum of $173 M in March 2012, as part of its global expansion.

Monitise had recently teamed up with Future Foundation to survey smartphone users in the UK, Germany and Spain to find out how fears could be removed to drive market growth. According to the survey, 57% of the user’s in UK said that they would be happier to shop through their smartphones if the apps were provided by banks. This figure was 68% in Spain and 50% in Germany. This could mean an explosive growth in mobile commerce if mobile wallet brands teamed up with banks to offer their services.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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