FOSTER CITY, Calif. Visa announced a major entry into the mobile banking market this morning this morning with the introduction of a mobile money platform that will make it easy and cost-efficient for credit unions, banks and mobile operators to offer mobile financial services to consumers.
The plug-and-play platform is the first bank-grade managed service for mobile money and will enable Visa to host and fully manage all aspects of a mobile money program on behalf of the provider, from user interface design to consumer enrollment, transactions processing, authorization, clearing and settlement.
The new platform, which is being hosted in Visa managed data centers, is built on Fundamo’s technology, the mobile money technology acquired by Visa in 2011, which has been successfully deployed in more than 30 countries.
Visa’s new platform offers mobile network operators and financial institutions a local connection to Visa’s global payment network, VisaNet, and a one-stop solution for providing mobile money services.
Through the new platform, Visa can manage all aspects of a mobile money service, including:
- Mobile Money Program Management Visa, on behalf of the mobile money service provider, can manage the customer enrollment and mobile wallet user interface, fees, commissions and taxes, as well as apply risk management tools, reporting capabilities, and other “on-behalf-of” services. This reduces implementation costs and resources required to deploy mobile money services.
- Support for any Mobile Channel Mobile money service providers can use industry standard interfaces to connect to Visa’s new platform, and can send mobile money transactions across all mobile channels including USSD (Unstructured Supplementary Service Data), xHTML (Extensible Hypertext Markup Language), and IVR (Interactive Voice Response).
- Support for a Comprehensive Set of Transactions The platform enables financial transactions in both closed-loop and open-loop environments, including cash-in and -out transactions at agent locations and ATMs, domestic and international money transfers, payments at merchants where Visa is accepted, as well as bill payments and air-time top up. It also supports informational transactions such as bulk registration, balance inquiries, PIN and account management.
- Customer Support and Regulatory Compliance Visa’s Mobile Managed Service can support compliance with mobile and financial regulatory requirements in different countries. In addition, the platform can offer comprehensive customer support capabilities including monitoring and maintenance of connections to host systems, disaster recovery, incident management, as well as customer response management and account management (AML and KYC) workflows.
- Visa-quality Payment Security The platform combines Visa’s advanced risk processing technology with the security and authentication features of mobile devices, allowing the mobile money service provider to offer financial transactions that are based on Visa’s high standards for transaction security, reliability and interoperability.