Proxama extends contract with Canadian bank for another year

Mobile location data and intelligence company Proxama’s contract for location technology with a “major” North American bank was renewed for another 12 months, it confirmed on Thursday.

The AIM-traded company said the contract renewal,starting this month, followed the success of the initial contract and would generate further recurring revenue for the business.

It said the renewal would see Proxama continue to maintain a network of location services for 10,000 mobile touch points throughout the bank's national branch network in Canada.

The bank was using Proxama's mobile location technology to enable their banking customers to directly download their mobile payment app, enabling further engagement with the bank, Proxama’s board explained.

Over the last 12 months the ease of downloading the app had meant “significant numbers” of customers used their mobile to make payments, leading to an increase in overall transaction volumes.

“This contract is significant for Proxama as it demonstrates our ability to work with leading brands to support major location campaigns in different geographies,” said chief executive John Kennedy.

“The renewal of this contract is not only a testament to our product and services, but also evidence of the continued demand for location-based mobile services across the globe.”