Mobile Money provides KeyBank with technology that enables consumers to access their accounts using any of the three primary mobile access modes: a downloaded application, mobile browser, or SMS (text messaging). The text messaging capabilities are provided by VeriSign Messaging and Mobile Media.
M-Com and Fiserv announced a technology partnership in September 2008 under the label Mobile Money from Fiserv. The Mobile Money solution combines banking and payments capabilities, and includes functions such as balance inquiries, transaction history, account transfers, bill payments and one and two-way account alerts. Informational services such as an ATM and branch locator are also included.
The agreement to use Mobile Money deepens the existing relationship between KeyBank and Fiserv. The bank currently utilizes Fiserv solutions for online bill payment, cash and logistics, revenue enhancement, investment services and business banking.
"KeyBank's challenge was to satisfy our near-term desire to offer customer mobile access and alerting, while putting in place a proven platform we could leverage into the future as we expand mobile banking and payment services for our customers," said Allison Landers, senior vice president, Virtual Banking, KeyBank, in a statement. "Fiserv demonstrated superior breadth of product and project implementation excellence. Mobile Money from Fiserv will enable KeyBank to reach the mobile devices of both our online and offline customers across all bank business lines, with the potential to reach our return-on-investment targets faster than other approaches we considered."