Under the terms of the deal, Monitise is set to pay its former partner VocaLink GBP 1.5 million in cash over a three-year interval in order to acquire the remaining 50 percent of the business. Additionally, Monilink will retain access to VocaLink’s banking and payments infrastructure in return a services fee. Provided that Monilink exceeds its financial performance targets in the interval between 2009 and 2013, VocaLink could receive a further GBP 1.5 million.
monilink is a mobile banking application that gives real-time access to bank accounts. It provides banking on demand to mobile phone users. Bank customers can check balances in real time, view mini statements and transfer money from current accounts to apply credit up to five mobile phones.
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