08 Sep Metavante Mobile Financial Services selected to help credit unions reach Gen Y
Milwaukee, Wis. — Metavante, a leading provider of banking and payments technology, today announced Corporate Network eCom, LLC (eCom) has named Metavante Corporation its provider of mobile banking and payments solutions and will resell Metavante Mobile Financial Services, powered by Monitise Americas. eCom, a majority-owned subsidiary of U.S. Central, provides electronic financial services to the Corporate Credit Union Network, which in turn serves the nation’s nearly 8,400 consumer credit unions. Monitise Americas is the mobile banking and payments joint-venture between Metavante Corporation and Monitise plc, the global leader in the provision of mobile banking services.
A year after naming Metavante its provider of online bill payment and presentment solutions, eCom now offers Metavante Mobile Financial Services to U.S. Central’s expansive network of corporate credit unions. Initial mobile features, which Metavante delivers using the secure Monitise application, will include registration from the mobile phone and credit union Web sites, the ability to obtain account balances, bill payment and funds transfers between accounts. Additionally, these services integrate fully into eCom’s current line of MemberPay products. Future planned services will include access to mini-statements showing account activity, text messages informing customers of account balances and changes, and the option of making faster than normal expedited payments.
“Aligning with Metavante for bill pay, and now mobile financial services, directly supports eCom’s role as a payments aggregator. As such, eCom must offer the right combination of technology solutions for our members’ strategic markets going forward, such as Gen Y, the un- and under-banked and small businesses. We believe mobile will be key to success in those markets,” said Marcie Haitema, executive vice president of correspondent services for U.S. Central and presiding manager of eCom. “Metavante has proven its understanding of the credit union movement and demonstrated its ability to collaborate with us. eCom believes Metavante Mobile Financial Services, powered by Monitise Americas, will position corporate credit unions and their credit unions as leaders in an evolving financial services market populated with a new generation of wealth and non-traditional members.”
“Many financial institutions have yet to define a strategy that will reach end-users who require non-traditional relationships,” said Jeff Lewis, division president, Metavante ePayment Solutions. “These largely untouched market segments demand a higher level of convenience made possible by mobile. And with cell phone penetration rates topping eBanking adoption rates by a healthy margin, mobile has possibilities beyond Gen Y. eCom’s expansion of its Metavante relationship sends a message that Metavante has assembled a multi-faceted mobile solution that can evolve to quickly respond to changing consumer wants and demands.”
By selecting a mobile financial services provider that also features a wide-ranging suite of payments solutions, eCom can deliver incremental value through the Corporate Network to the credit union movement. The integration of Metavante payments solutions — bill pay, prepaid and NYCE Network — with its mobile financial services creates a clear line of sight to mobile payments and commerce.
NYCE Payments Network, LLC, is a leading U.S. ATM and PIN debit network and a Metavante company. By integrating Metavante Mobile Financial Services with the NYCE Network and employing the existing infrastructure and connections of a national payment network, Metavante can alleviate concerns around additional technology and upfront development costs. Plus, sending mobile transactions across NYCE taps into the strong security protocols required of payments networks. The deployment of Metavante Mobile Financial Services across a national payments network also creates the benefit of making mobile services available to virtually all account holders at a financial institution versus just online banking users, as is the case when a mobile platform is deployed as an extension of an eBanking platform.
Metavante Payment Solutions delivers electronic money movement through an integrated payments network, including an ATM/PIN-debit network in NYCE, mobile banking and payments, online bill pay, healthcare payment solutions, a suite of payment cards and automated clearing house (ACH) processing. Metavante can help clients grow revenue by capitalizing on the expanding electronic payments markets, including financial, healthcare and government payments. Metavante offers clients the efficient and integrated resources necessary to offer their customers a broad range of payment options and touch points.
About the Corporate Credit Union Network
A corporate credit union is a credit union for credit unions – a not-for-profit financial cooperative that serves retail credit unions within its field of membership. Corporate credit unions (or “corporates”) emerged over 30 years ago from the same cooperative spirit that gave rise to the American credit union movement. Similar to retail credit unions, the nation’s 26 corporates are guided by volunteer boards of directors, are totally owned and directed by their member/owners (retail credit unions), and were organized for the express purpose of providing low-cost financial services and competitive investment and lending rates to their member/owners. (www.corporatenetwork.org)
About Corporate Network eCom
Corporate Network eCom, LLC (eCom) is a credit union service organization (CUSO) and a majority-owned subsidiary of U.S. Central. eCom partners with corporate credit unions to provide natural-person credit unions cost-effective, flexible, customizable and easy-to-use electronic solutions to enhance their Internet service offerings and help them develop member relationships. (www.corporatenetworkecom.com)
About U.S. Central
U.S. Central is the nation’s only wholesale corporate credit union. Together, U.S. Central and its 26 member corporate credit unions comprise the Corporate Network, which provides liquidity, lending and payment services to the nation’s nearly 8,400 natural-person credit unions. (www.uscentral.coop)
About Monitise Americas
Monitise Americas is a joint venture between Metavante Corporation, and Monitise plc (MONI.L), a specialist in mobile banking technology. Monitise Americas provides mobile banking and payment services to North American financial institutions predicated on an “ecosystem” principle, which allows multiple mobile carriers and financial institutions to deliver services over a single platform. It has a sister ecosystem in the United Kingdom, MONILINK, developed by Monitise plc in partnership with VocaLink.
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante is headquartered in Milwaukee.