Monitise announces software license agreement in the US
Tuesday, October 02, 2007
Mobile banking and payments services specialist, Monitise, has completed a software license agreement with Monitise Americas LLC, a joint venture company between Monitise and Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation. The license allows the use of Monitise's mobile banking and payments software to create a mobile banking and payments ecosystem for the United States and Canada.
In accordance with the memorandum of understanding agreed with Metavante in March 2007, the license has been granted to Monitise Americas with an ongoing annual licence fee of US$1.5 million (£0.7 million). In addition, royalties measured against volume thresholds will be payable up to a maximum of US$20 million (inclusive of license fees and royalties).
Alastair Lukies, chief executive of Monitise said: “The announcement today demonstrates the progress that we are continuing to make and the appeal of our technology in international markets. Monitise Americas is already well advanced in terms of the delivery of mass-market mobile banking and payments technology to financial institutions in the United States and we look forward to launching services later this year.”
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