FIS strengthens relationship with mFoundry through further investment

FIS and mFoundry strengthen relationship

Following recent investment, global provider of banking and payments technology FIS has increased its ownership holdings in mFoundry, a mobile banking and payment solutions provider, strengthening the corporations’ relationship. The two companies have been in collaboration for the past several years, combining FIS’s financial services technology with mFoundry’s mobile banking products to provide mobile banking solutions to more than 200 financial institution clients. Anthony Jabbour, executive vice president of FIS Financial Solutions Group claims that the two companies now have ”an industry leading mobile platform” and that for the foreseeable future they aim to continue “developing solutions that advance mobile capabilities to the next level.”

mFoundry has developed a considerable network of strategic partnerships since its inception in 2004. Alliances include financial services technologies companies First Data, NCR, PayPal, Open Solutions, The CO-OP, PSCU Financial Services and COCC, and mobile giants Intel Capital and Motorola Mobility. The company also recently received funding from MasterCard, which is seeking to develop NFC capabilities with the mobile banking firm using its PayPass technology. mFoundry developed and managed Starbucks Card mobile, the first mobile payment programme in the US.

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