Monitise Announces 2008 Mobile Banking Product Suite

New services being introduced include:

• The ability to manage multiple accounts – including bank accounts, credit and pre-paid cards and loyalty card schemes – from a single application
• A full range of payment services – including inter-account and peer to peer transfers, bill payment and international remittances
• SMS alerting – such as weekly balances, accounts nearing their limit or notification of potentially fraudulent transactions
• ‘Click to call’ services, allowing consumers to instigate a direct call to their provider’s contact centre from within the Monitise application for sales or service
• Secure messaging services, allowing consumers to send or receive secure messages from their financial services provider – such as requests for credit limit increases or card activations
• Two-factor authentication for internet banking – providing an additional layer of security, through the use of unique passcodes and instruction confirmation to protect against internet fraud and secure payments transactions conducted online
• ATM & branch locators

Beyond these additions to its mobile banking and payments platform, Monitise is also working with partners to leverage its unique technology in emerging payment channels such as increasing the security and improving the experience of shopping online. This will be delivered using a range of identity and ‘cardholder not present’ mobile security solutions.

Alastair Lukies, chief executive, Monitise plc said: “The strength of our mobile banking and payments service is its ability to connect previously disparate functions into a single ecosystem, in turn delivering a consumer friendly application. Already we are seeing the number of transactions per user increase, as consumers habitually use the service as part of their daily routine. All of our research suggested that consumers wanted to start with basic and simple-to-understand services, such as balance enquires, mini statements and mobile phone top-ups. Our 2008 product set reflects the views of our partners, consumer feedback and our ongoing market research and highlights the strength and scalability of the Monitise ecosystem in delivering the network effect to mobile banking and payments.”

The Monitise service is designed to be compatible with any bank or mobile network and is available on 95% of the handsets currently available in the UK, resulting in the widest possible appeal to consumers and avoiding the need for a change of mobile operator or handset in order to benefit from the service. It connects directly into financial institutions using their existing payment processing connections, delivering a highly secure consumer service, without the requirement for extensive technical integration. It is also built on international banking standards ensuring the customer’s personal information is completely protected at all times.