Amdocs, the leading provider of customer experience solutions, today announced that Mynt, Globe Telecom’s fintech subsidiary, has selected the Amdocs Mobile Financial Services solution to power Casa – a new service that will enable Mynt to offer retailers a cloud-based, financial-grade, white-label digital money fintech platform, providing retailers with the means to offer a wide range of financial services and generate a new revenue stream.
The Mynt Casa service, which will be powered by the Amdocs Mobile Financial Services solution, will enable retailers to offer bill payments, money transfers, closed-loop merchant payment solutions and loyalty program management. In addition, a card management feature will support them in issuing a closed-loop companion prepaid card to any customer, even if they do not hold a bank account. Cards will be linked to the user’s mobile wallet account, allowing them to pay for purchases at retail and online stores.
The Amdocs solution will be deployed on Amazon’s public cloud. Based on a multi-tenant system, it will enable retailers in different locations to be hosted as separate tenants on a centralized platform, wholly managed by Amdocs. Under a five-year software as a service (SaaS) agreement, Amdocs will assume complete responsibility for development, deployment, operation and maintenance of the Amdocs solution via a revenue-sharing model with Mynt.
“Retailers in emerging markets such as the Philippines need their own e-money solution that allows them to offer financial services such as point-of-sale payments, using cashless methods such as mobile wallets, payment cards and loyalty points,” said JM Aujero, chief sales officer at Mynt. “With Casa’s easy-to-use cloud-based platform, we will be able to provide for this need in a way that is tailored to each individual retailer. At the same time, it will enable them to offer wider financial services, such as third-party bill payments and money transfers without having to invest in new infrastructure deployment and operations.”
“The ability for retailers and merchants to offer their own financial services solutions is a huge opportunity for mobile financial services providers to drive usage and adoption,” said Patrick McGrory
, president for Amdocs’ emerging offerings. “Casa, powered by Amdocs’ cloud-based solution, provides superior, retail-specific capabilities, combined with a time-to-market advantage that will enable Mynt to quickly roll out services to its retail partners across the Philippines.”
Amdocs also separately announced the availability of its Mobile Financial Services Card Management System (CMS). CMS supports any service provider in issuing both closed loop and open loop prepaid and debit cards to their customers, even to those who have no bank account. The card can be linked to a consumer’s mobile wallet with a stored value and/or loyalty point account as the source of funds. They can use the card to pay for purchases at a retail point of sale terminal, withdraw cash from an ATM, or for online shopping.