October 02, 2013

In order to give financial institutions and credit unions the flexibility to add or remove modules on mobile applications, Monitise, a mobile banking, payment and commerce technology provider based in San Rafael, Calif., remodeled their core platform, Vantage 5.1.

According to Monitise, with the new platform clients can quickly manipulate functionality -- like offering customers the ability to purchase digital gift cards -- without changing how the core operates. Hawaii-based American Savings Bank will be the first to implement Vantage 5.1.

“The rapid frequency with which we can update specific components of our mobile platform will enable us to continually bring new capabilities to market that our customers expects,” said Rick Robel, EVP of operations and technology at American Saving Bank.

The flexibility offered by the platform is due to the hybrid cloud where only the payments and commerce solution are delivered via cloud from content providers, said Monitise.

In partnership with consulting firm ALIXPartners, Monitise found that flexible functionality would attract customers who grew up with and expect mobility.

According to Lisa Stanton, president of Americas at Monitise, the solution allows the support for functionality that offers peace-of-mind and fraud detecting solutions.

Stanton adds, “we’ve seen the banks’ customers using the platform, on average, about 26 times per month, which is more interaction then banks have ever had with their customers. The fact that a user is actually opening up the app and logging in nearly everyday is pretty phenomenal proof that it’s a valued service."

[See Also: Monitise Adds Mint to Its Mobile Money Platform for Banks]

ABOUT THE AUTHOR
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received ...