Fiserv, Inc. (Brookfield, Wis.) launched Mobile Money, a mobile banking and payments solution that supports consumers on all three mobile access modes " short messaging service, wireless application protocol and mobile application. Mobile Money also offers online and offline enrollment capabilities and integrates with core banking, online banking and electronic payments systems.
The new Fiserv solution builds upon the company's existing mobile banking solutions. According to Fiserv, Mobile Money allows financial institutions and billing organizations to drive enrollment of offline customers to a more profitable mobile banking relationship. Customer can enroll via mobile device, branch, ATM, contact center or online channel. Fiserv will provide marketing campaigns and research aimed at driving a high level of adoption and usage within this channel.
"Mobile banking holds great promise as a unique channel that offers customers the ability to manage their money anywhere, anytime, while enticing new customers and making existing customers more loyal," said James Van Dyke, president and founder of Javelin Strategy & Research. "We see 2008 as a pivotal year for the emergence of mobile banking and payments, particularly as more end-to-end, enterprise solutions start to take hold in the marketplace."
Financial institutions can deploy the Fiserv mobile banking and payments solution as a hosted solution or as software that can be managed and run in-house. The solution is available today via an in-house solution for the top 200 financial institutions. A hosted version will be available by mid-2009.
The Fiserv solution is powered by technology from M-Com Inc. (Auckland). Under their strategic partnership agreement, Fiserv and M-Com have established a joint product development center based in the Fiserv campus in Norcross, Ga.