Strategic Technology: Mobile Money Apps (Monitise)

IBM and Monitise have recently announced a partnership to deploy new mobile banking, payments and commerce solutions.

Monitise provides services to more than 350 financial institutions and has partnerships with most UK high street banks. It also has strategic partnerships with Visa Europe, Visa Inc., RBS Group, Telefónica Digital and FIS to create and deliver their Mobile Money services in developed and developing markets.

RBS uses the Monitise Bank Anywhere mobile banking solution to “provide features like peer-to-peer payments, balance and transaction history, transfers and bill payments, as well as developing new functionality to keep users engaged and banks up to date with the latest innovations.”

PermataBank in Indonesia uses the Monitise Pay Anyone mobile payments solution together with AGIT Monitise Indonesia to provide peer-to-peer payments using a mobile number, bill payment, and international transfers.

Monitise also provides Buy Anything and mPOS solutions.

IBM and Monitise previously announced a partnership to help Visa Europe “provide its member banks with new mobile banking, payment and commerce services in the cloud for its customers.”  Monitise’s Bank Anywhere, Pay Anyone and Buy Anything solutions form the basis of Visa Europe’s forthcoming mobile offerings that will provide the most popular banking services used by consumers today on any mobile device. This includes applications for customers to manage money in their accounts, payment services to transfer money and pay other individuals; and transaction services to buy products from retailers, either online or in-store.