Innovation: Mobiliti Reach
Consumers today demand mobility. In a world that is constantly connected, consumers want more convenient and secure ways to access their financial information, move money, and complete transactions.
Brookfield-based Fiserv, Inc., has always been at the forefront of banking technology. The company is responsible for some of the most prolific innovations in the financial services market, including online bill payment, electronic bills and mobile check deposits.
According to Peter Holbrook, chief financial officer of Digital Channels at Fiserv, the company’s technology is increasingly being used to reach the unbanked or under-banked population in developing markets.
“A substantial part of the world’s population has very few financial resources,” Holbrook said. “It can make life fairly difficult, particularly in remote areas.”
Some people have to travel a week in order to get to a branch location, Holbrook said Fiserv has teamed up with ANZ Bank of New Zealand to promote Mobiliti Reach, technology to help people living in remote areas access their money faster and more conveniently.
“Mobiliti Reach is a great example of technology used to improve people’s lives,” Holbrook said.
The technology allows users to access their money as stored value on their mobile devices. Users can interact with local merchants who act as proxies for the bank, Holbrook said.
“They can store value on the device, withdraw cash, use person-to-person pay, or pay for things with their device,” Holbrook said. “It’s been a real game changer.”
The merchants already have relationships with the bank, and each receives a portion of every transaction completed on Mobiliti Reach.