Monitise adds international remittances capability to its mobile banking & payments ecosystems

Monitise plc (LSE: MONI.L) today announced the launch of MoniHome™, a service which allows international remittances to be controlled directly from the mobile handset. MoniHome will be integrated into Monitise's live multi-bank, multi mobile operator mobile banking & payments ecosystems (MONILINK in the UK and Monitise Americas in North America) providing the facility for consumers to initiate, manage and track remittances transactions using the secure Monitise application on their mobile phones.

The new service offers considerable benefits for consumers globally. As migrant worker levels have increased over recent years there has been a dramatic increase in the level of cross-border payments. However, to date the international remittance industry has been restricted by the limitations of the physical channel, such as high street locations. By using MoniHome, financial institutions and remittance providers can allow consumers to access their main source of funds, initiate transfers and receive progress updates of their transactions. At the receiving end, they can accept payment via their preferred channel, such as a direct transfer into their bank account or to collect cash from a physical location - significantly improving the efficiency and transparency of the overall transaction.

MoniHome provides a single-point gateway into the existing switching and distribution capability of established global remittance service providers. Through a single connection to the Monitise platform, financial institutions, international remittance providers and mobile networks can now offer remittances to multiple destination countries whilst also supporting the different distribution methods relevant in each territory. Since Monitise leverages existing payment connections, MoniHome also removes the requirement for significant technical integration or changes to their current infrastructure.

Richard Johnson, Chief Marketing Officer, Monitise Group said: "The international remittances market is worth US$275 billion and is growing considerably as migration levels increase. However, we are currently lacking sufficient choice in the regulated methods which allow these workers to conveniently manage the transfer of monies back to their families overseas. Allowing money transfer to be managed using a secure application on their mobile phones will provide unprecedented levels of access and convenience to remittance senders.

"Our partner banks and mobile operators have expressed strong interest in making this available to their customers and we expect to announce the first pilot of the service in the coming months."

MoniHome has been developed using the existing standards deployed by established and well-known remittance service providers, providing a framework which fully supports compliance with regulatory requirements such as Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT). This ensures that the service meets the key challenge of complying with the stringent regulatory procedures associated with international money transfers.

Contacts:

Monitise Group
Duncan McIntyre, Chairman
Alastair Lukies, CEO
Ben Evetts, Head of Communications

Tel: 020 7868 5200

Financial Dynamics
Harriet Keen
Haya Chelhot

Tel: 020 7831 3113

About Monitise plc
Monitise plc (MONI.L) is a specialist in mobile banking and payments technology. It has developed the world's first mobile banking ecosystems, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset. With live services in the UK and the USA, where it has delivered the MONILINK and Monitise networks in partnership with VocaLink and Metavante Corporation respectively, the company is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide. Current key partners include VocaLink Interchange Network, Metavante, Visa Europe, BT Global Services, T-Systems, HSBC, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G.

Monitise was recognised as a 'Technology Pioneer' by the World Economic Forum in 2006; 'Mobile Innovation of the Year' by The Banker Magazine in 2007 and; awarded the Innovation in Messaging award 2007 by the Mobile Messaging Association.
www.monitisegroup.com