Amdocs Launches Mobile Financial Services Solution to Enable Accessible and Affordable Banking Services

Amdocs, in association with Indian company Triotech, will enable State Bank of India and network operator BSNL to offer mobile financial services to millions of unbanked households in India

16 Dec, 2014, 06:00 ET from Amdocs

ST. LOUIS, Dec. 16, 2014 /PRNewswire/ -- Amdocs (NASDAQ: DOX), the leading provider of customer experience solutions, today launched the Amdocs Mobile Financial Services solution. The solution enables mobile network operators, banks and other financial institutions to drive adoption of financial services delivered over feature phones or smartphones, addressing the fundamental need of unbanked and under-banked populations worldwide for accessible and affordable banking services.

Building on the financial-grade technology developed by mobile financial services' pioneer Utiba, a company acquired by Amdocs this March, the Amdocs solution delivers a single mobile wallet from which users can manage and control their finances, and enables a wide selection of highly secure mobile financial services, from money transfer, bill payments and m-commerce, to savings, loans, and insurance, loyalty points and top-up transactions. By combining this technology with a dedicated set of IT and business accelerator services, the Amdocs Mobile Financial Services solution helps network operators and financial institutions roll out and operate the solution with maximum cost efficiencies, quickly offering the services users need the most while ensuring the service is reliable and affordable for low-income households.  

Key solution benefits:

  • A single mobile wallet for users to manage and control their finances with a convergent platform that allows users to virtually store and use all their financial assets (salary, welfare, credit and debit cards, coupons, remittance and micro-banking transactions such as loans and insurance, as well as loyalty points and prepaid top ups) for any financial need
  • Fast introduction of new financial services to meet changing requirements of different user segments, markets and regulations with highly configurable services creation capabilities and convergent support across multiple financial services
  • Integrated partner payments and settlements with capabilities for onboarding and managing the extended ecosystem of merchants and business partners (credit card companies, utility providers, employers)
  • Operational peace of mind and cost efficiencies with Amdocs' Mobile Financial Services Center of Excellence, accountable for overall solution delivery, from technical design and system implementation and integration, to daily operation in a managed services model
  • Dedicated Business Accelerator Practice, focused on design and user adoption of new offerings, from field research and user-based insights, to ideation, prototyping, market- readiness analysis and go-to-market strategies

"According to market research, 2.5 billion people in the world do not have a bank account1, yet an estimated 1.7 billion do have access to a mobile phone2," 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."

"Utiba's technology helped introduce several pioneering market offers, including Globe's GCash mobile money service, and today supports more than 6 million agents serving hundreds of millions of end users around the world," continued McGrory. "Building on this proven technology, and adding to it a robust set of services and the flexibility to deploy the solution on private or public clouds, or host it at one of Amdocs' data centers, the Amdocs Mobile Financial Services solution can help network operators and banks capitalize on this very promising revenue stream, while ensuring a low-cost structure and operational peace of mind."

Announced in a separate news release issued today, Amdocs, in association with Indian company Triotech, will enable State Bank of India to offer mobile financial services to India's unbanked and under-banked population, using the mobile network of Bharat Sanchar Nigam Limited's (BSNL). The solution will be delivered under a five-year services contract.

Utiba's technology has been leading innovation in mobile financial services since 2001. Additional customers include True Corporation (Thailand) and the Digicel Group (Haiti).

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About Amdocs For more than 30 years, Amdocs has ensured service providers' success and embraced their biggest challenges. To win in the connected world, service providers rely on Amdocs to simplify the customer experience, harness the data explosion, stay ahead with new services and improve operational efficiency. The global company uniquely combines a market-leading BSS, OSS and network control and optimization product portfolio with value-driven professional services and managed services operations. With revenue of $3.6 billion in fiscal 2014, Amdocs and its more than 22,000 employees serve customers in over 80 countries.

Amdocs: Embrace Challenge, Experience Success.

For more information, visit Amdocs at www.amdocs.com

Amdocs' Forward-Looking Statement This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2014 filed on December 8, 2014.

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