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Mobile Money Ventures, CPNI partner for mobile payments

Mobile Money Ventures and CPNI have partnered to provide financial institutions new forms of mobile payments.

CPNI’s payments software will be integrated into Mobile Money Ventures’ mobile services platform. In the next phase of integration, the two companies may integrate CPNI’s PATbuy mobile purchasing service.

“There are a lot of point-to-point-solution providers out there,” said Jay Bhattacharya, vice president of sales at Mobile Money Ventures, San Francisco. “Mobile Money Ventures and CPNI decided to collaborate to develop a packaged solution that combines remote mobile payment and mobile banking together.”

Mobile Money Ventures is a worldwide service provider of mobile financial services applications.

CPNI is a private software development company that develops phone authorized transfer (PAT) software. PAT lets consumers transfer funds via PATsend, make purchases via PATbuy and access banking services via PATbank.

Enhancing customer experience
Mr. Bhattacharya said that this partnership lets Mobile Money Ventures go to market with a remote mobile payment service integrated into its platform.

“By partnering with CPNI, we can deliver a unique packaged solution to target key opportunities we have already identified,” Mr. Bhattacharya said.

Mobile Money Ventures’ current offering lets consumers handle all of their financial activities such as banking, bill payments, stock trades, tracking and budgeting on any mobile handset or wireless carrier.

By incorporating PATsend and later PATbuy into its existing platform, Mobile Money Ventures hopes to provide turnkey solutions for financial institutions and increase the speed at which its customers can quickly begin making convenient remote mobile purchases and payments.

Mr. Bhattacharya said that Mobile Money Ventures and CPNI will develop this service for financial service institutions and the resellers that service them.

Mobile Money Ventures said that its services will be beneficial to any consumer who wants to be able to use their mobile device to manage their finances.  

Mr. Bhattacharya said that Mobile Money Ventures’ goal is to enable banks to enhance the customer experience by providing a comprehensive mobile financial service product that fits their lifestyle.

According to Mobile Money Ventures, consumers are ready for more mobile payment services.

“Yes, the demand is there in varying degrees depending on where you are in the world,” Mr. Bhattacharya said. “Here in the United States, we hear from our customers and prospects that shortly after their banking solution is up and running, mobile payment is next on their roadmap.  

“Awareness is growing and based on the focus groups we have conducted, consumers are interested,” he said. “It just has to be secure, convenient and easy to use.”