September 01, 2010

ANZ Bank today officially launched its goMoney iPhone application that allows ANZ customers to monitor and manage their money, and send a payment to any mobile phone.

Below is a demo the bank posted on YouTube:

An iPhone user can pay a friend or family member by logging into the mobile banking application, choosing to make a funds transfer, and then selecting the recipient from his iPhone contact list (the recipient must have an Australian bank account). The recipient receives a text from ANZ instructing them that a payment is available to be collected from the bank's Claim Payment website, the person is given a "collection code." At that site, the recipient identifies himself with the collection code and his mobile number and then enters his bank account details [here's where fraudsters might want to interject themselves into the process, to gather this information], ANZ then transfers the funds to his account.

ANZ says its goMoney application is protected by 512-bit encryption. It gives the user five attempts to enter his PIN correctly. After that, the app is locked. The app will also log users out after three minutes of inactivity.

The bank also provides an Internet Banking Guarantee that promises to reimburse customers for any unauthorised transactions provided they didn’t contribute to the loss and that they notify ANZ promptly of the unauthorized transactions.

ANZ is said to have had 31,000 downloads of goMoney five days into the application’s soft launch on the iTunes apps store.

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