• NEWS
  • Topics
  • July 2008
  • June 2008
  • May 2008
  • More
• FEATURES
  • Podcasts
  • Banking in Healthcare
  • Anti-Money Laundering
  • Retail Delivery
  • More
• OPINIONS
  • Art Gillis
  • Editor
  • Perspectives
  • Executive Q&A
  • BS&T Blog
• EVENTS
  • Upcoming Live Events
  • Upcoming Web Events
  • Recent Events
  • On-Demand Web Events
• TOOLS
  • Buyer's Guides
  • Digital Library
  • Career Center
  • Education
  • Internet Banking Systems
  • Online Mortgages
• CAREERS
• RESOURCE CENTERS
  • IT Management Strategies
  • Payments
  • Outsourcing
  • Retail Strategies
  • CIO Strategy Center
  • Mobile Banking

Main / Mobile Banking Weblog

It wasn't too long ago that I wrote a blog about a new mobile financial services standards working group that was being established by the Financial Services Technology Consortium (FSTC). The group hopes to address the interoperability issues facing the industry to help adoption rates. Now, over the Atlantic in Finland, the Mobey Forum, a nonprofit financial industry forum that helps facilitate mobile financial services for banks, issued a whitepaper which, it says, lays the groundwork for global mobile financial services (MFS).

It looks like the mobile channel just found a standards champion—the Financial Services Technology Consortium (FSTC). The organization announced it is assembling a team of industry experts to help develop best practices and standards for mobile payments.

Throughout 2007 (and even into 2008—see our Jan. issue), BS&T talked about mobile banking and mobile payments until we were blue in the face. From the way things are shaping up, it doesn't look like our mobile mania will abate any time soon. Deals continue to be inked and banks are slowly starting the process of getting the word out to customers about what exactly mobile financial services are. Mind you, I speak only of the U.S. market, which is still a mobile financial services novice when compared with the rest of the world.

There's no doubt that the U.S. is blessed technologically. We've nurtured the seeds of innovation on so many levels. But then I talk to people from other countries about what they're doing with mobile phones and I feel like we're a bunch of cavemen here!

Nontraditional financial services providers just got another leg up on banks in the remittance market with a new mobile phone service. GSM Association (GSMA), a global trade association representing more than 700 GSM mobile phone operators, and Western Union Company announced late last month an agreement to facilitate the development of cross-border mobile money transfer services

First, let me warn anyone who is still reading my techno rants and raves, that I am not a fan of mobile banking. The reason is simple. There are 14 better ways for a commercial or retail customer to handle banking chores. And I believe there are still wonderful activities in life that one can enjoy without being wired to a bank.

Payments solutions provider First Data (Denver) and mobile solutions company mFoundry (Sausalito, Calif.) entered a partnership where they will work together to deliver mobile banking and payment services to U.S. and international mobile subscribers. The firms hope the newly forged relationship will leverage each company’s respective strengths to offer mobile operators, mobile subscribers, merchants and financial institutions a flexible and easy-to-use solution for mobile financial services.

By Maria Bruno-Britz, Bank Systems & Technology

Sometimes I’m so wrapped up in our little banking world here that when I see the general public taking an interest in bank technology, I think it’s a pretty big deal.

While perusing the site Slashdot—which bills itself as providing News for Nerds—I noticed someone posted an excerpt from CNBC.com about the recent crop of mobile banking initiatives in the U.S.

U.S. unit of Danal gets a boost from $9.5 million venture financing investment.

By Nancy Feig

By Maria Bruno-Britz, Bank Systems & Technology

Last week, I reported on the sudden flurry of announcements around mobile banking and payments applications in the U.S. A number of deals were highlighted. Well, I’ll now add to that the most recent mobile banking rollout by Citibank for its California customers. It would seem there’s no stopping mobile banking now.

By Maria Bruno-Britz, Bank Systems & Technology

Within the span of just a few days, my inbox has been inundated with announcements related to new mobile banking/payments initiatives. Although consumers may not be quite as ready as proponents of this banking/payments channel claim they are, banks, telecoms and others are certainly making it clear that they’ll convince people to use mobile for more than just talking one way or another.

By Nancy Feig

"If Paris Hilton can have her Sidekick hacked, how safe am I?" This comes from my (highly educated) friend when asked if she would try mobile banking. Another response: "I'm not that rich that I need to keep track of my accounts every minute. I'd rather play Tetris."