Metavante Corp., the banking and payments technology subsidiary of Milwaukee-based Marshall & Ilsley Corp., today announced the signing of a memorandum of understanding to form a joint venture with Monitise, the leading European provider of secure mobile banking and payments capability, to operate a mobile payments system in the United States.
The joint venture to be established by Metavante and Monitise will enable consumers to rely on a common, intuitive and secure interface to initially check account balances, transfer funds between bank accounts and pay bills any time from the device they always have with them - the mobile phone.
"Metavante delivers banking and payment technologies to more than 8,600 financial services firms and business worldwide, including 91 of the top 100 U.S. banks," said Alastair Lukies, chief executive officer and founder of London-based Monitise. "By mobilizing their market reach as well as their breadth of capability - ranging from their payments network, core processing, prepaid card platforms, e-banking and electronic bill presentment and payment - we are creating an advanced system at a key stage in the evolution of payments innovation."
The U.S. venture will enable mobile carriers, financial institutions, payment processors, payment networks and billers to provide innovative and intuitive financial services to consumers through a collaborative ecosystem. The Monitise mobile payment platform is a secure, scalable application that has been endorsed by the World Economic Forum as a pioneering technology.
"Metavante has been closely following the emergence of mobile technology as a key enabler of mobile payments innovation for the mass market," said Frank D'Angelo, group president of Metavante Payment Solutions. "Monitise is a leader in the mobile banking and payments field, and it has a unique, proven capability to develop financial institution-grade, highly scalable environments. Mobile carriers and financial institutions of all sizes can re-use this existing infrastructure to provide simple and intuitive services to their customers with minimal complexity and up-front investment."
The companies expect to launch the initial services to consumers later this year.
Metavante to launch joint venture with British firm
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