Amdocs Launches Mobile Finance Offering

Amdocs has launchIndia shoped its Mobile Financial Services solution, designed to enable mobile operators and banks to deliver financial services over mobile phones for unbanked and under-banked populations in emerging markets.

The solution is based on technology developed by mobile financial services’ firm Utiba, which Amdocs acquired in March. It consists of a mobile wallet from which users can manage and control their finances, and enables a wide selection of secure mobile financial services, including money transfer, bill payments, mCommerce, savings, loans, insurance, loyalty points and top-up transactions.

The wallet is combined with a set of IT and business accelerator services to enable providers to deploy services quickly and cost efficiently. This includes integrated partner payments and settlements, with capabilities for onboarding and managing the extended ecosystem of merchants and business partners, including credit card companies, utility providers and employers.

Utiba’s technology powers several mobile financial services offerings, including Globe’s GCash mobile money service, and currently supports more than 6m agents serving hundreds of millions of end users around the world.

“According to market research [from WorldBank] 2.5bn people in the world do not have a bank account, yet an estimated 1.7bn do have access to a mobile phone,” said Patrick McGrory, division president for Amdocs’ emerging offerings. “This represents a huge market opportunity for network operators and banks, and one which does not end with financial inclusion of the unbanked. The convenience and speed of mobile financial services are attractive to everyone.”