Concluding the first day here at Finovate, MShift showed how its solution helps community banks and credit unions issue mobile wallets:
"MShift presents AnyWhereMobile, a new payment network enabling Community Banks and Credit Unions to become the issuers of mobile wallets, and receive revenues from mobile payments.
The AnyWhereMobile payment network will multiply the net interchange income of both debit and credit transactions for financial institutions, simultaneously slashing interchange fees for merchants by more than half. The technology behind the AnyWhereMobile initiative eliminates the majority of fraud losses for both issuers and merchants, and empowers merchants to generate additional rewards and discounts for consumers."
Product Launching: Mid-2013
HQ Location: Fremont, CA
Company Founded: September 1999
Metrics: At 40+ employees, MShift's history is as a profitable mobile banking company based in Silicon Valley. Now, they have innovated a new payment rail for use in their mobile wallets. MShift's last capital raise was in 2000.
Finovate demo video: finovate.com/fall12vid/ (demo video will be posted next week)
Introducing Scott Moeller (Chairman & CEO)