Umpqua already uses Fiserv's online banking and bill pay services. Mobile Money is designed to integrate with these applications. Customers will be able to make balance inquiries, view transaction history, perform account transfers, initiate bill payments, set a variety of account alerts and use an ATM and branch locater. Mobile Money is a secure application that uses data encryption, along with additional risk management safeguards.
Mobile Money incorporates technology from M-Com's BankAnywhere solution as part of an arrangement Fiserv made when it partnered with the mobile solutions company last year.
According to a release, Mobile Money will allow Umpqua customers to access accounts using SMS (text messaging), a mobile browser or an application downloaded to a BlackBerry smartphone or Apple iPhone. Additionally, the exclusive RenderRight technology utilized by Mobile Money will automatically customize the user interface for the consumer's mobile device, allowing Umpqua to deliver a personalized mobile banking experience to each customer, regardless of mobile device or carrier.
"An appealing feature of Mobile Money is the flexible platform that will allow us to adapt to changing customer demand and an evolving marketplace," said Umpqua EVP and CIO Colin Eccles in a statement. "We could extend the service to our small business banking customers, or even expand into a variety of mobile payments like person-to-person or merchant payments in the future, if we choose to do so."