Monitise has announced that it is joining forces with IT and business process services provider CGI Logica to offer mobile money solutions to banking and payments companies. The strategic alliance, using Monitise’s mobile payments and banking systems allied to CGI Logica’s products and services, will initially focus on European retail banks in the UK, Benelux, Nordics, Germany and France.
Mobile banking is one of the fastest growing areas for financial services businesses and is becoming a “must have” in an increasingly competitive market, claim the partners when discussing the rationale behind the partnership.
Through their alliance, CGI Logica and Monitise aim to deliver functionality for straightforward payment and statement services on the mobile channel, through to more complex processes such as buying insurance policies. The partners say they will work together, “to provide seamless consumer experiences that make bank customers’ lives easier on a daily basis and, in turn, drive greater take up and use of banks’ mobile offerings”.
Commenting on the link-up, Lode Snykers, financial services (FS) global head at CGI, the new owners of Logica, said: “Our clients recognise that mobile is not just another channel, it’s fast becoming consumers’ first choice for banking services. People take their mobile devices pretty much everywhere making them the single easiest route for banks to provide services. Whilst many FS companies have already launched initial mobile services, our aim is to help them create solutions which consumers will use time and time again. Our alliance with Monitise allows us to offer financial institutions in Europe the latest proven mobile money services in this extremely competitive market.”
According to, Alastair Lukies, chief executive of Monitise Group: “The industry is at a tipping point – for some time, many banks have been developing their own home-grown bespoke [mobile] efforts. The shift is now underway towards a platform approach to better meet demands for time-to-market pressures, interoperability and future proofing. CGI is one of the companies at the forefront of this change … we are delighted to enter into this agreement with them.”
Lukies added that, “together we will play a major role in helping banks’ defend and extend their rightful roles in the mobile money ecosystem”, referencing the fears that some banks have that non-traditional players, such as mobile network operators (MNOs), tech companies or others, could disintermediate banks from the m-payments and m-commerce arena in future.
The alliance follows a global partnership with Cognizant announced by Monitise back in October of last year, and is illustrative of the company’s plans to spread its strategic and global reach via forming partnerships.