Fixed Mobile Convergence

As smartphone penetration rises, there is demand for mobile solutions including mobile banking and payment solutions. These services also open up new revenue-generating opportunities for banks and credit unions.

mFoundry, a provider of SaaS (News - Alert)-based mobile banking and payment solutions, announced it has earned more than 400 U.S. financial institutions for its flagship mobile banking and payments solution called mBanking. More than 5 million users are interacting with mFoundry (News - Alert) mobile banking technology.

The company is currently adding about one new financial institution per day to their platform through direct and channel relationships, said Drew Sievers (News - Alert), mFoundry CEO and co-founder, in a statement.

“While we're seeing the strongest demand in our company's history, there's no question the true demand is being driven by the consumer who has made it clear they expect their financial institution to offer a sophisticated mobile access point,” Sievers added.

According to Sievers, the company is seeing user adoption increase by more than 10 percent each month. This would translate into an annual end-user growth in excess of 200 percent.

“Mobile banking and payments technology has moved from niche to mainstream in a heartbeat, and I see no sign of the pace slowing anytime soon,” Sievers added.

Apart from the basic functionality, mFoundry offers features like Mobile Deposit to increase the value of mobility to banks and consumers alike, company officials said. The company recently launched the Mobile Deposit facilities with PNC Bank and the CO-OP Financial Services

Further, with the fastest-growing SaaS solution in the market, mFoundry expects to capitalize on its strong position with new, value-added features for banks and credit unions.

“Companies with scale in both financial institution signings and end-user adoption are in an excellent position to grow healthy, long-lived businesses,” said Bob Egan, managing director, Chief Analyst, Sepharim Group. “With their hosted solutions, SaaS-based providers in particular are well suited to rapidly add new compelling features to their solutions.”

Earlier this year, mFoundry announced COCC, which provides financial and banking technology solutions, has formed a strategic partnership with mFoundry to deliver multi-mode mobile banking services (text, mobile Web and mobile apps).