Monitise has been granted a patent for its secure mobile payments and commerce technology. “Bank-grade security is at the heart of our growing mobile money business and we welcome this new patent being granted,” says Monitise group chief executive, Alastair Lukies.
The UK patent relates to how the company can generate ‘virtual card details’ on the mobile phone to enable a consumer to shop without them having to divulge data from their credit or debit cards such as personal account numbers, card expiry dates and security codes. The consumer chooses which account to use as the funding account for the virtual card. The card, in effect a prepaid digital voucher, can be created for a fixed amount or for a specified period of validity. The risk of fraud is further minimised because the consumer can shop without having to share their bank and credit card account information if they prefer not to.
“Having established award-winning and proven bank-grade technology, Monitise is committed to investing in its business and protecting its intellectual property as it develops new products and services for its clients and partners, both in the UK and in developed and emerging markets around the world,” says Lukies.
Latest News
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories