Metavante and Monitise To Create Mobile Payments System for North America

  
    
  
  
    
      Metavante Corporation, the banking and payments technology subsidiary of 
      Marshall & Ilsley Corporation (NYSE: MI), today announced the signing of 
      a memorandum of understanding to form a joint venture with Monitise, the 
      leading European provider of secure mobile banking and payments 
      capability, to operate a mobile payments system in the United States.
    
    
      The joint venture to be established by Metavante and Monitise will 
      enable consumers to rely on a common, intuitive and secure interface to 
      initially check account balances, transfer funds between bank accounts 
      and pay bills any time from the device they always have with them — 
      the mobile phone.
    
    
      “Metavante delivers banking and payment 
      technologies to more than 8,600 financial services firms and business 
      worldwide, including 91 of the top 100 U.S. banks,” 
      said Alastair Lukies, chief executive officer and founder of Monitise. “By 
      mobilizing their market reach as well as their breadth of capability -- 
      ranging from their payments network, core processing, prepaid card 
      platforms, e-banking and electronic bill presentment and payment -- we 
      are creating an advanced system at a key stage in the evolution of 
      payments innovation.”
    
    
      The system will be built using similar principles to the award-winning 
      Monilink platform in the U.K. Monilink is a joint venture between 
      Monitise and LINK, the operators of the U.K.'s ATM infrastructure. The 
      U.S. venture will enable mobile carriers, financial institutions, 
      payment processors, payment networks and billers to provide innovative 
      and intuitive financial services to consumers through a collaborative 
      ecosystem. The Monitise mobile payment platform is a secure, scalable 
      application that has been endorsed by the World Economic Forum as a 
      pioneering technology.
    
    
      “Metavante has been closely following the 
      emergence of mobile technology as a key enabler of mobile payments 
      innovation for the mass market,” said Frank 
      D'Angelo, group president, Metavante Payment Solutions. “Monitise 
      is a leader in the mobile banking and payments field, and it has a 
      unique, proven capability to develop financial institution-grade, highly 
      scalable environments. Mobile carriers and financial institutions of all 
      sizes can re-use this existing infrastructure to provide simple and 
      intuitive services to their customers with minimal complexity and 
      up-front investment.”
    
    
      Monitise solutions feature multi-layer security measures, including a 
      two-factor authentication system that enables mobile phones to securely 
      generate one-time pass codes. In addition to mobile payments, the 
      Metavante-Monitise joint venture makes low-cost, two-factor 
      authentication services available to U.S. and Canadian financial 
      institutions through Monitise’s ACCODE 
      service. ACCODE replaces hardware tokens and key fobs by enabling mobile 
      phones to securely generate a One-Time Passcode for desktop, remote and 
      portal access, along with point of sale and Web-based payments.
    
    
      The solution provided by Metavante and Monitise brings together the key 
      players from their respective industries and enables them to focus on 
      their core competencies while benefiting from the economies of scale the 
      larger system provides. Both parties have been in discussions with key 
      potential participants in the platform, and they expect to launch the 
      initial services to consumers later this year.
    
    
      Metavante will provide hosting services for the Monitise mobile payments 
      platform in the United States. As part of the hosting services, the NYCE 
      Network will connect the Monitise platform to its switch. NYCE is a 
      Metavante company and a leading U.S. electronic payments network 
      providing consumers with secure, real-time access to their money, 
      connecting the accounts of more than 74 million cards with 280,000 ATMs 
      and 1.5 million point-of-sale locations nationwide.
    
    
      “The alliance between NYCE and Monitise will 
      establish two parts of a complete whole,” 
      said Steve Rathgaber, president and chief operating officer at NYCE. “Monitise 
      is uniquely suited to interface with the mobile side, where the 
      transactions will be initiated, and NYCE will bring those transactions 
      the rest of the way to the consumers’ 
      accounts, over our own secure, reliable infrastructure.”
    
    
      About Monitise
    
    
      Monitise Ltd., a division of Morse Plc., one of Europe's leading 
      technology development and consulting companies, is a specialist in 
      mobile banking technology. Monitise has developed the world's first 
      mobile banking ecosystem, which allows consumers to perform banking and 
      payment transactions using a single consistent interface regardless of 
      their choice of mobile operator or bank. With live services in the UK, 
      where it has delivered the MONILINK network in partnership with LINK, 
      the operator of the UK ATM network, the company is currently working 
      with international partners to deliver similar safe, secure mobile 
      banking services in territories worldwide. Monitise was recognized as a “Technology 
      Pioneer” by the World Economic Forum in 2006. 
      Further information is available at www.monitise.com.
    
    
      About Metavante
    
    
      Metavante Corporation delivers banking and payments technologies to over 
      8,600 financial 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, and business transformation services. Headquartered in 
      Milwaukee, Metavante (www.metavante.com) 
      is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
    
    
      Metavante is a registered trademark of Metavante Corporation.