New standards for mobile payments launched

by Pradeep T Moudgal 0

From Credit Union Times:

Call it a winter coincidence, or maybe it is a portent of deep meaning, but in the past couple of months Brookfield, Wis.-based Fiserv did a major deal to bring core system developer Open Solutions under its tent, whereas Jacksonville, Fla.-based arch-rival FIS plunked down its bet on leading mobile banking app develop mFoundry. Talk about wildly different strategies.

Fiserv has gone on the record about the meaning of its gamble. Now, in an exclusive Credit Union Times interview, Susan Hawkins, group executive and general manager, Mobile and Commercial Treasury Solutions, at FIS, explained what the mFoundry acquisition means to FIS – and to its credit union customers.

“Mobile is a big part of banking’s future and our plan,” said Hawkins, “is to work to find ways for financial institutions to play major roles in mobile payments, person-to-person payments and the rest.”

The era of hesitation about mobile is over, said Hawkins. “No one wants to be the last CIO to implement mobile banking.”

These strategic initiatives reinforce the strategic importance that banking business systems, including channel systems and mobility, have on the success of today’s institutions.

Mobility solutions, in particular, are opening up new opportunities in banking and payments. Solutions can range from basic SMS balance checks to account management tools available with mobile web and downloadable mobile app features, to a wide variety of mobile payments solutions. The growth in financial institution revenues and profitability will clearly ride on the coat tails of mobility solutions for many institutions.

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