mFoundry mobile banking technology to power COCC’s Mobile
COCC core processing clients will pay no monthly fees through 2012
Key factors in COCC’s decision were mFoundry’s multi-mode approach, substantial customer base, and robust pipeline of innovative mobile banking functions
Avon Conn. March 28, 2011– COCC has formed a strategic partnership with mFoundry, the award-winning provider of secure mobile banking and payment solutions, to deliver multi-mode mobile banking services (text, mobile web and mobile apps). The mFoundry platform integrates directly with COCC’s .Net and Oracle-based core processing platform for real-time information and transaction processing. The integrated service will be marketed by COCC as Mobile INSIGHT, with monthly fees waived for COCC’s core processing clients through 2012.
“We are telling our clients in the strongest possible terms that they should get involved with mobile banking now,” said Richard A. Leone, COCC’s President and CEO. “As a technology co-operative, our mission extends well beyond providing the best integrated technologies for our clients. We are compelled to identify major trends in banking technology and to price the related products so that our clients can position themselves for future success. Today’s announcement of our partnership with mFoundry for multi-mode mobile banking services coupled with our no cost pricing through 2012 demonstrates the many advantages of our co-operative ownership structure and our vision of financial technologies. We are actively investing in our clients’ future in mobile banking.”
Industry experts forecast that mobile banking transaction volumes will surpass online banking in the next few years. Mobile banking will also provide opportunities to reach consumers who have limited access to desktop computers and the increasing number who perform routine tasks solely on their mobile devices.
COCC’s Mobile INSIGHT product will enable clients to promote and support mobile banking via the three major modes of mobile banking: text, mobile web and mobile applications (Apps). This multi-mode approach provides flexibility so that COCC clients can reach the broadest spectrum of prospective mobile bankers, particularly the younger generations, without requiring an Internet banking product as well. Mobile INSIGHT will enable COCC clients to serve consumers regardless of their mobile device, and to continue to stimulate the market with innovative mobile solutions.
mFoundry has emerged as the preferred provider of mobile banking and payment services in the United States, providing multi-mode mobile banking to more than 330 banks and credit unions nationwide. Its scalable and secure product offerings enable financial institutions to start using the mobile channel and complemented by comprehensive reporting and analytics that enable financial institutions to effectively manage their mobile banking channel. mFoundry powers the Starbucks mobile payment application and is the only company to have deployed a live mobile payments solution of this scale in the United States.
“Today’s partnership combines the power of mFoundry’s innovative mobile technology with COCC’s quality service delivery,” said Drew Sievers, Co-Founder and CEO of mFoundry. “COCC is ideally positioned to help financial institutions of any size quickly develop and deploy multi-mode mobile banking solutions With more than 300 financial institutions running our software, including two of the top five banks in the country, we have a unique level of experience that enables us to help financial institutions of all sizes launch successful mobile banking initiatives. We are especially pleased to partner with COCC to deliver the best mobile banking experience on the market today, and look forward to working with them to continue delivering innovative and attractive mobile banking features at market speed.”