Intuit Financial Services has bought the mobile Web banking technology of Mobile Money Ventures, which IFS already deploys at more than 320 credit unions and banks, the company said.
MMV was created as a joint venture in San Mateo, Calif., by Citi and Korea’s SK Telecom to develop a mobile banking platform.
“By bringing MMV’s technology in-house, IFS will now have three mobile banking pillars, native apps, text and Web banking, together under one roof. This gives us more control to better serve customers and will help us bring new mobile innovations to market faster so people and businesses can get the financial insights and services they need at any time and on any device,” IFS spokeswoman Diane Carlini said on a company blog.
Citi and SK Telecom set up San Mateo-headquartered MMV in 2008, putting in a reported $8 million each in the venture to develop an m-banking platform. Terms of the IFS sale were not announced.
Online banking specialist IFS is based in Mountain View, Calif., and now has a client list of about 1,800 credit unions and banks. The company also offers iPhone and Android downloadable apps.