GLOBE Telecom Inc. has tapped customer-experience solutions provider Amdocs to power a new service that will enable the Filipino telco’s financial technology subsidiary to offer retailers a cloud-based, financial-grade, white-label digital money fintech platform.
With the collaboration, Mynt will be able to offer Casa, which will provide retailers with a means to offer bill payments, money transfers, closed-loop merchant payment solutions and loyalty-program management.
“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,” said JM Aujero, chief sales officer at Mynt.
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 multitenant 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.
“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.