Intuit acquires mobile web banking technology assets from Mobile Money Ventures


Intuit announced it has acquired mobile web banking
technology assets from Mobile Money Ventures, or MMV, a global provider of
next-generation mobile financial solutions.


This transaction
bolsters Intuit Financial Services’ position as a leading online and mobile
technology provider to financial institutions. Intuit will be able to directly
manage customer support and will have full control over the design of its
mobile Web banking solutions. The acquired assets will also help the company
bring new innovations to financial institution customers faster.


Customers of more than 320 U.S. banks and credit unions
actively use Intuit’s existing mobile Web technology, which was provided by
MMV. Intuit also provides text message and
downloadable application solutions to enable financial institution customers to
conduct their critical banking tasks from virtually any mobile phone.


People and businesses are increasingly using mobile
devices to get and manage financial information while on the go – they’re
always connected. This acquisition will help us more rapidly bring new
solutions to market so financial institutions can deliver important insights
and services when and where their customers need them,” said CeCeMorken,
president of Intuit Financial Services and a vice president at Intuit.


MMV’s mobile money platform provides customers with a
seamless mobile connection to their online banking solution,” said Gary
Schofield, president and chief executive officer of MMV.


Through the successful joint venture of Citigroup
and SK Telecom Americas, MMV has created the next-generation mobile financial
services platform, providing customers anytime, anywhere access to their
financial information on any device.” Gary added.


Intuit also gains a small team of employees with
significant mobile expertise and a strong history of deploying mobile banking
solutions to financial institutions. This team will continue to help existing
and new customers on the mobile web banking platform.


This transaction is another step forward in Intuit’s
continuous innovation and strategic focus on driving growth through new mobile
offerings. Representing one of the highest growth areas for Intuit, there is
also significant opportunity for Intuit Financial Services’ base of more than
1,800 financial institutions to expand their mobile offerings to keep up with
customer demand.


By Team
[email protected]