BMO Seals Deal with Monitise to Enhance Mobile Banking, Payments Services (Dec. 20, 2012)
December 20, 2012
Canada’s mobile payments offerings continue to multiply. BMO Bank of Montreal is poised to boost its mobile banking and payments offerings through a strategic alliance with London-based Monitise plc to develop a range of new smartphone applications, mobile Web offerings and text-notification services for online and mobile banking. The deal builds on a relationship BMO established in 2010 with U.S.-based mobile banking and payments provider Clairmail, which Monitise acquired this year, the companies said.
Toronto-based BMO’s goal is to offer its consumers “intuitive and advanced mobile money services,” the bank said. “With the size of the mobile money market opportunity growing by the day and the enhanced experience and convenience this channel provides to our customers, we plan to continue to build on our success in this area,” said Andrew Irvine, a BMO senior vice president. Montise’s “enterprise platform,” which the alliance enables BMO to harness, will help the bank develop “integrated, strategic” mobile products and services “as cash becomes increasingly digitized,” said Frank D’Angelo, Monitise Americas president.
The connection also could give BMO a leg up in the Canadian banking market, where mobile payments are becoming a hot competitive commodity. RBS Technology Services last year inked a similar deal with Monitise to provide Royal Bank of Scotland customers with enhanced mobile banking and payment services. And just last month Toronto-based CIBC and Rogers Communications Inc. demonstrated the nation’s first NFC-based mobile credit card transaction while introducing the new CIBC Mobile Payment App the two companies developed. The service, initially available on two NFC-based BlackBerry smartphone models, will extend to other NFC-based Android and Windows phones next year. Rogers separately is seeking a banking license, as it “explores the possibility of providing credit, payment and charge card services.”
