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It has been some time coming but worth the wait: Monitise’s FINKit has hit the ground running by forming a Partner Programme with founding partners MasterCard, BehavioSec, Currencycloud, Envestnet, Yodlee, Experian, fastacash, FICO, HID, iGeolise, LivePerson, MYPINPAD, Syniverse, and WorldFirst.

The partnering firms have agreed to make their APIs and services available together on Monitise’s cloud-based FINKit platform, in order to accelerate industry-wide collaboration by developing new customer propositions.

According to Monitise, FINKit’s financial services sector-specific cloud-based platform and toolkit frees banks from the constraints of their existing systems and enables them to deliver continuous innovation into production and into consumers’ hands.

Mark Barnett, president, Mastercard UK & Ireland, said: “FINKit is a fantastic platform for banks and partners to come together in a live production environment to deliver innovative services securely, reliably, and quickly.

“We are committed to working with Monitise to enable banks to deliver broad-ranging services such as tokenisation, payment security, location-based services, Masterpass digital wallet solutions, and more. Collaborations of this kind are critical for banks.”

Firms joining the FINKit Partner Programme will benefit from increased exposure to large potential customers that might otherwise have been inaccessible to them.

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By GlobalData

Nick Cheetham, managing director, Monitise FINKit, says:

“This is a space we always suspected was necessary to bring partners and banks together.This is huge and a real recognition that this sort of third party arrangement is required.

“We are delighted to welcome MasterCard as one of the founding partners of FINKit. It’s a real vote of confidence and an endorsement in the value of FINKit.”

He adds that it is vital to simplify collaboration between banks and the wider industry and to get innovative new products and services into customers’ hands delivering benefits quickly, rather than letting them stagnate in banks’ ‘innovation labs.

“Early response from current and potential retail banking clients suggests we have a founding group that will enable significant progress to be made in digital service delivery.”

Scott Abrahams, SVP Business Development, MasterCard UK tells RBI:

“This is one of a few ways where we are partnering with key third parties to deploy our APIs more widely, the most important of which is MasterPass.

“This deal is an excellent opportunity to create another route to market to scale up MasterPass and I saw in Monitise a company that has relationships with many financial institutions with whom MasterCard also has a relationship.

“I saw in FINKit a very flexible solution that leverages the good relationships Monitise has with banks.

“I like the platform and so for me it is a deal worth pursuing.”

Looking ahead, Cheetham says this sort of programme to expand outside the UK.

“The vast majority of these players have global reach and they are definitely excited about where this can go from here.

“We are taking this one step at a time but the market opportunity is definitely on the edge of exploding.”

Neil Costigan, CEO at BehavioSec, said: "BehavioSec believes that collaboration between banks and financial technology companies is key to delivering the ultiamte customer experience. That's why we're excited to be working with Monitise to provide behaviourial biometric authentication services via the FINKit platform."