U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), and Monitise plc (LSE: MONI), a global leader in Mobile Money solutions, today announced an agreement to accelerate the delivery of an innovative product discovery and shopping service by U.S.
Bank that provides an easier way for top-tier retailers to help consumers interact with and buy from leading brands via mobile.
U.S. Bank and Monitise will develop an advanced mobile shopping experience including product selection and instant checkout payment capabilities. Leveraging unique digital and audio watermarking and scanning technology for product discovery from Digimarc Corp. (NASDAQ: DMRC) and Nellymoser, a division of Gruner+Jahr, an initial pilot will integrate mobile action codes, mobile shopping and mobile payments to create a quick and easy way for consumers to discover, learn about, purchase, and share the products they want from their favorite brands.
Mobile is increasingly becoming the platform of choice for delivering innovative payments and commerce capabilities that financial institutions can leverage to maintain their competitive advantage in the constantly evolving financial services landscape. By reducing the time and friction associated with product discovery, simplifying the purchase checkout process, and helping retailers optimize their media budgets, U.S. Bank is playing a key role in connecting consumers to the brands they love and increasing the likelihood of sales, which is of significant value to retailers.
As part of its ongoing payments innovation research and development initiatives, U.S. Bank has been exploring new ways to simplify finding and buying products and services via interactive media for mobile handsets and tablets.
"Pursuing new opportunities to innovate and develop Mobile Money services with our partners that create real value for both our bank and our customers is a key focus for our business," says Dominic Venturo, Chief Innovation Officer for U.S. Bank Payment Services. "Technology is creating new ways to bank and buy, and U.S. Bank is committed to playing a leading role in the digital commerce revolution as money becomes more mobile."
Commenting on the collaboration, Lisa Stanton, President of Americas at Monitise, said: "As mobile technology accelerates the convergence between the offline and digital worlds of banking, payments and commerce, banks are identifying new revenue streams and driving value for both retailers and consumers. We are delighted to be working with U.S. Bank, a leading innovator in the US financial services sector. Financial institutions like U.S. Bank are perfectly positioned to create and curate new mobile payments and shopping services that excite and engage existing and new customers alike."