The rise of mobile banking continues unabated -- the offering of mobile banking is "table stakes" for banks of all sizes, according to Madhavi Mantha, principal and head of banking research at Novarica, who shared findings from a recent consumer survey on the topic in a video interview with Bank Systems & Technology posted yesterday.
In the latest signpost in the mobile banking movement, one of the largest core banking software providers, Fiserv, today announced that it has acquired Mobile Commerce Ltd. (M-Com), a mobile banking and payments software provider. On the one hand, this represents a strong commitment on Fiserv's part to mobile banking and payments; on the other, because the two companies have been partners since 2008, developing and delivering Mobile Money for financial institutions, Fiserv customers may not see any major changes in the near future due to the merger. Fiserv says it hopes the acquisition will help it roll out new mobile solutions quickly. Financial terms of the acquisition were not disclosed.
M-Com, founded in 2000, is based in Atlanta, Ga., with an office in New Zealand. M-Com CEO Adam Clark and all employees of M-Com will join Fiserv as part of the transaction.
"Technology advancements and consumer usage patterns are converging across online and mobile channels," said Steve Olsen, group president, digital payments at Fiserv. As strategic partners, Fiserv and M-Com have hundreds of mutual customers in the U.S. and several in international markets, the companies say.