Mobile Money Ventures and CPNI Inc. say they will be working together to offer financial institutions a comprehensive solution that integrates CPNI's mobile commerce solutions into MMV's mobile financial services platform.
According to a news release issued by the two companies, the relationship combines CPNI's PATsend remote mobile payment technology into MMV's next generation mobile platform, with the opportunity to integrate PATbuy's mobile purchases in the next phase.
MMV's current offering enables consumers to handle 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 turnkey solutions for financial institutions and increase the speed at which their customers can quickly begin making convenient remote mobile purchases and payments down the road.
"The combination of our innovative, highly secure mobile platform and CPNI's industry leading bank-centric mobile payments capability builds on our strategy to provide the best solutions for our financial institution customers," said Jay Bhattacharya, vice president of sales at MMV. "CPNI's solutions enhance our already robust offering by further extending our reach into remote mobile payments."
PATsend allows individuals to use a mobile phone to send money to friends and relatives anywhere in the world by entering the recipient's phone number. The recipient's banking details are linked to a phone number, but the bank account information is never revealed to the sender.
PATbuy allows bank customers to make remote mobile purchases from merchants. Consumers enter the merchant phone number on their phones to pay for products and services.
