CPNI to Provide Financial Institutions its Suite of Mobile Commerce Solutions
CPNI to Provide Financial Institutions its Suite of Mobile Commerce Solutions in an ASP Model Enhanced Version of PAT Software Enables Core Processors to Provide Small and Mid-Sized Banks with Easy Access to Growing Mobile Commerce Market
TORONTO, Canada, December 1, 2008 (AllPayNews.com) - CPNI Inc. (CPNI) today announced the latest release of Phone Authorized Transfer(TM) (PAT)(TM) mobile payments and mobile banking software will be offered to Financial Institutions with the option of an ASP model for core processors. The capability clears the path for small and mid-sized Financial Institutions to access the profitable mobile commerce market. The PAT Application Service Provider platform provides a lower cost of entry, shorter implementation times and less risk for tier 2 and 3 banks that make use of financial service aggregators.
Financial Institutions of any size can quickly and easily enable their customers to perform person to person payments via PATsend(TM), make remote purchases from merchants via PATbuy(TM) and access banking services via PATbank(TM).
Working with core processors, CPNI further extends their ability to provide customized mobile commerce solutions for Financial Institutions of all sizes. PAT's architecture is designed to facilitate aggregating numerous deployments in order to lower maintenance costs while preserving a high level of service and security. The ASP model allows for more efficient support and the common back office infrastructure makes it easier for core processors to offer the service to their customers. Through the ASP option, small and mid-sized banks can quickly introduce secure, bank branded, global mobile payments to their customers.
PAT provides a new revenue stream for Financial Institutions while serving as a low cost customer acquisition and retention solution. PATsend allows people to send money to other people anywhere in the world simply by entering the recipient's phone number on their mobile phone. The service is linked directly to the checking, savings or credit card accounts enabled by their Financial Institution. There is no need to create and manage additional accounts. Financial Institutions leverage their existing infrastructure, accounts, payment processes and settlement network.
"The ASP model will help accelerate the speed of adoption of mobile payments by enabling a greater number of banks to tap into the tremendous opportunity of this market, "said Patrick Bird, CPNI President and CEO. "Global annual gross transaction value is forecast to grow over 10 times in the next 5 years and purchases via mobile devices will generate transactions worth over $600 billion USD by 2013 (Juniper Research). CPNI recognized the needs that many Financial Institutions have and our latest release is another example of our commitment to meet those requirements."
CPNI Inc. (CPNI) is a private software development company headquartered in Toronto, Canada, with offices in Boston, MA. For Financial Institutions seeking mobile financial solutions, CPNI provides Phone Authorized Transfer (PAT), a global, bank-branded solution for remote payments and banking services. PAT allows people to transfer funds via PATsend, make purchases via PATbuy and access banking services via PATbank. Financial Institutions are able to leverage their existing accounts, security processes and settlement channels while retaining the ability to innovate, differentiate and compete. For more information, visit the company's web site at www.cpni-inc.com.
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