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Digital Insight partners with Mobile Money Ventures for mobile banking

November 9, 2009

Mobile Money Ventues is powering Digital Insights mobile banking initiatives

Mobile Money Ventues is powering Digital Insight's mobile banking initiatives

Digital Insight, the financial institutions division of Intuit Inc., is teaming up with Mobile Money Ventures, a global mobile financial services provider, to make mobile services more broadly available to financial institutions.

In today’s strained economy, Americans are looking to their bank or credit union for help managing their finances. Digital Insight is working with MMV to expand its mobile capabilities to help financial institutions put more information in the hands of their customer, no matter where they are.

“This is a strategic relationship with Digital Insight, so now we’ll be the preferred partner for providing all of their mobile banking solutions—Digital Insight mobile banking powered by MMV,” said Natalie Jo, senior vice president of marketing and customer experience at Mobile Money Ventures, San Francisco. “MMV was selected due to our financial services expertise, and having the heritage of Citi really helps that.

“In addition, the other side of our heritage is the mobile technology we were able to leverage for this opportunity, and combining the two put us at a competitive advantage,” she said. “As important as mobile banking is, we have an innovative roadmap for a thoughtful mobile strategy.

“We’re looking forward to be able to reach as many of Digital Insight’s customers as we can.”

Digital Insight is an outsourced provider of online banking services to mid-market banks and credit unions in the United States.

The company’s portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, as well as marketing programs designed to help increase online banking end user growth.

Mobile Money Ventures LLC is a global service provider specializing in mobile financial services applications. MMV is FI- and carrier-agnostic.

A joint venture of Citi and SK Telecom, MMV delivers a mobile banking platform designed to help financial institutions, carriers and other partners reduce time to market, leverage new growth opportunities and enhance customer loyalty.

MMV has deployed mobile products worldwide, including banking and stock trading with Citibank Hong Kong.

MMV was named a preferred mobile financial services provider for Digital Insight.

In addition, MMV recently secured $12 million in second-round funding from strategic investors. The additional funding will fuel MMV’s innovation strategy and accelerate its ability to deploy mobile financial services.

With the MMV mobile platform, customers can access their financial information, transfer funds, pay bills, check bank-product rates and locate the nearest ATM or branch from any mobile phone with a Web browser.

Customers can log into their accounts using their Internet banking username and password.

To protect financial information, the platform uses two-factor authentication and 128-bit encryption. In addition, no financial information is ever stored on the mobile device.

MMV has also worked with Citi to launch mobile banking and other financial services in five countries worldwide.

“We just secured B-round funding, so these are really exciting times, and we’re proud to partner with such as key player as Digital Insight,” Ms. Jo said. “One of the benefits that MMV brings to the table is that we understand how important it is to get the fundamentals down such as simple mobile banking features.

“But how do you continue to deliver value?” she said. “Mobile payments, as well as deals and rewards, can accentuate basic mobile banking services.

“We would like to work with Digital Insight to fit in with what they have in mind for their consumers and help them take full advantage of what mobile can bring to the table.”

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Dan Butcher is associate editor on Mobile Commerce Daily and Mobile Marketer. Reach him at

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