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Amdocs Introduces Mobile Financial Services Solution
Mobile Platform Feature
December 23, 2014

Amdocs Introduces Mobile Financial Services Solution

By Clayton Hamshar
Contributing Writer

Amdocs (News - Alert), a leading global provider of customer experience solutions, recently launched the Amdocs Mobile Financial Services solution. This new offering addresses the lack of accessible and affordable banking services for unbanked or underbanked populations around the world by enabling mobile network operators, banks and other financial institutions to deliver financial services over feature phones and smartphones.

"According to market research, 2.5 billion people in the world do not have a bank account, yet an estimated 1.7 billion do have access to a mobile phone," said Patrick McGrory, Division President for Amdocs' emerging offerings. "This represents a huge market opportunity for network operators and banks, and one which does not end with financial inclusion of the unbanked.  The convenience and speed of mobile financial services are attractive to everyone."

The solution, built on technology developed by Amdocs' recent acquisition Utiba, delivers a mobile wallet allowing users to manage and control their finances with a wide range of services such as money transfer, bill payments, m-commerce, savings, loans, insurance, loyalty points and top-up transactions. This technology is combined with dedicated IT and business accelerator services to help network operators and financial institutions deploy the solution efficiently while ensuring it is reliable and affordable for low-income users.

One of the key selling points of the Amdocs Mobile Financial Services solution is its capacity to allow users to store and use all of their financial assets on a single platform. Furthermore, new financial services are introduced quickly to respond to changes in the market, enabled by configurable services creation capabilities and convergent support across multiple services. An integrated partner payments and settlements system extends the ecosystem to credit card companies, employers, etc. to ensure more fluid functionality. Lastly, the Amdocs Mobile Financial Services Center of Excellence ensures all aspects of the solution from delivery to implementation to daily operation is optimized for performance and cost efficiency.

"Utiba's technology helped introduce several pioneering market offers, including Globe's GCash mobile money service, and today supports more than 6 million agents serving hundreds of millions of end users around the world," McGrory continued. "Building on this proven technology, and adding to it a robust set of services and the flexibility to deploy the solution on private or public clouds, or host it at one of Amdocs' data centers, the Amdocs Mobile Financial Services solution can help network operators and banks capitalize on this very promising revenue stream, while ensuring a low-cost structure and operational peace of mind."

The Amdocs Mobile Financial Services solution is available now and will be delivered under a five-year contract.

Edited by Maurice Nagle

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