NEW YORK-W-Technologies Inc., a three-year-old wireless application framework provider, expanded its reach into banking with two agreements announced last week.
Metavante Corp., Milwaukee, will offer w-Technologies’ software products to all of its 3,300 customers, which include the 20 largest banks in the United States.
A wholly owned subsidiary of Marshall & Ilsley Corp., Metavante provides electronic banking, bill presentment and payment, customer relationship management, financial technology, private-label banking and wealth management services.
“This partnership with w-Technologies furthers Metavante’s goal of providing electronic banking services through the broadest possible spectrum of channels, including … wireless devices of all kinds,” said Todd Hutto, general manager of the company’s Investment Banking Division.
In a separate transaction announced last week, New York-based w-Technologies also will provide First Union Corp. the nation’s sixth-largest bank, with its framework, which connects legacy systems with 250 different mobile communications devices.
“Spending on wireless banking technologies is set to skyrocket over the coming five years,” said Edward Kountz, wireless analyst for the TowerGroup, a Needham, Mass., financial services research firm.
“As this happens, banks of all sizes will be forced to respond with wireless banking access and services.”
W-Technologies has 49 major customers, predominantly in the financial services industry, said Donna Oliva, co-founder, chairman and chief executive officer.
New developments are emerging rapidly, all of which the company must anticipate and incorporate into its framework, onto which developers can build applications, she said.
“Streaming video will enhance the user experience, and we are working on several projects on that front,” she said Nov. 30 at The Yankee Group’s conference, “Mobile.net: The Wireless Internet Explosion.”
“One standard for devices will remain elusive. Convergent devices will emerge, but they won’t take over. Inexpensive handhelds will serve as fully functional, portable terminals.”
To remain competitive, Oliva said both w-Technologies and its corporate clients must also be ready to take advantage of: voice-enabled capabilities, Bluetooth’s promise of wireless personal area networks; increased usage of “wireless wallets” as security improves; and location-based services abetted by technologies like the Global Positioning System.
“I have been saying the age of wireless is now for the past five years, but today I really believe we are here,” she said.
