Lloyds Bank Commercial Banking agrees partnership with Monitise mPOS to develop mobile payment solutions and future mobile banking services
Lloyds Bank Commercial Banking has partnered with Monitise (LSE: MONI) to develop a suite of mobile card acceptance solutions for micro-merchants, start-ups and small business owners.
The partnership will offer a suite of mobile payments products from Autumn 2013. With the number of UK private businesses increasing for the 12th consecutive year, reaching 4.8m at the start of 2012*, the Mobile Point of Sale(mPOS) solution will offer a fast and secure way for them to take payments. In addition this partnership provides the basis to offer additional mobile banking services and business solutions in the future.
Aidene Walsh, Managing Director Cards, Transaction Banking, Lloyds Bank said: “This partnership with Monitise will see Lloyds Bank use technology to open up many new opportunities for thousands of small businesses who want to trade on the move.”
“There are more than 3.5 million sole traders in the UK who are missing out at the moment because they do not have access to existing mobile payments technology and we want to plug that gap with a service that is low cost and easy to use. We will offer the technology to sole traders and micro merchants and we hope it will open up new trading opportunities for businesses up and down the country, reduce their costs, and help drive growth for each and every one of our customers. This solution will also be the basis for a number of broader mobile banking initiatives which Lloyds are actively developing for our clients.”
Monitise Group Chief Commercial Officer Lee Cameron said: “mPOS is changing the way businesses manage their money as payments go mobile. Market forecasts indicate that it’s going to shake up the payments industry as we know it, creating a fundamental shift in how banks service their customers. We are delighted to be working with Lloyds Bank to offer a suite of mobile card acceptance solutions to its Commercial Bank customers. This is a validation of our strategy to invest in new mobile payments and commerce solutions and networks.”
To find out more about Monitise mPOS and view a video demonstrating the new service visit www.monitise.com/mpos.
Notes to Editors
*Enterprise Nation, October 2012, How many small businesses are there?
Lloyds Bank Commercial Banking
Lloyds Bank Commercial Banking provides comprehensive expert financial services to businesses of all sizes, from start-ups, through to small businesses, mid-sized businesses and multinational corporations. These corporate clients range from privately-owned firms to FTSE 100 PLCs, multinational corporations and financial institutions.
Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Commercial Banking delivers the mix of local understanding and global expertise necessary to provide long-term support and advice to its clients.
Lloyds Bank Commercial Banking offers a broad range of finance beyond just term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions including tailored cash management, international trade, treasury and risk management services.
Its heritage means it has an unrivalled understanding of business needs and a proven track record of supporting businesses across the sectors and regions. Taking a relationship approach, it provides support to its clients throughout the economic cycle.
Lloyds Bank has been voted Bank of the Year for an unprecedented nine consecutive years at the FDs’ Excellence Awards in association with ICAEW and supported by the CBI & Real Business.
http://www.lloydsbank-commercialbanking.com/
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money – banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise’s technology platforms and services to securely connect people with their money.
Already over 20 million consumers benefit from our patented technology to ‘bank anywhere’, ‘pay anyone’ and ‘buy anything’ accounting for over $30 billion of payments, purchases and transfers annually. More information is available at www.monitise.com
For further information
Monitise plc
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Duncan McIntyre, Chairman
Alastair Lukies, Chief Executive Officer
Lee Cameron, Chief Commercial Officer
Brad Petzer, Chief Financial Officer
Mike Keyworth, Chief Operating Officer
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Haya Herbert-Burns
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Canaccord Genuity
Simon Bridges
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FTI Consulting
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Charles Palmer
Jon Snowball