Mobile Money Ventures (MMV), a provider of the mobile financial services applications and CPNI, a software development company, have entered into a partnership under which the companies will be working together to offer financial institutions an offering that integrates CPNI’s mobile commerce solutions into MMV’s mobile financial services platform.
The relationship will combine CPNI’s PATsend remote mobile payment technology into MMV’s mobile platform, with an opportunity to integrate PATbuy mobile purchases in the next phase.
MMV’s offering enables consumers to handle their financial activities including banking, bill payments, stock trades, tracking and budgeting-on any mobile handset or wireless carrier.
By incorporating PATsend, and in the subsequent stage PATbuy, into its existing platform, MMV will be able to provide enhanced offerings for financial institutions and increase the speed at which their customers can begin making remote mobile purchases and payments.
According to CPNI, PATsend allows individuals to use a mobile phone to send money to friends and relatives globally, by entering the recipient’s phone number. The recipient’s banking details are linked to their phone number, but the bank account information is not revealed to the sender for security purposes. PATsend also provides the infrastructure for individuals to send money to unbanked recipients and to users not yet registered for the service.
PATbuy allows bank customers to make remote mobile purchases from merchants. Consumers enter the merchant phone number to pay for products and services, while financial institutions and merchants benefit from new revenue opportunities, the companies said.
Patrick Bird, president and CEO of CPNI, said: “The integration of our unique mobile payments solutions with MMV’s flexible mobile financial services platform provides great benefits for financial institutions. By incorporating our solutions, MMV can offer its customers a comprehensive one-stop shopping experience that now includes both types of mobile payments.
