San Francisco-based Union Bank ($80 billion in assets) today announced the launch of its Mobile Business Center, a mobile banking application that lets commercial customers access their accounts and perform certain time-sensitive treasury management activities on their smart phones wherever they have an Internet connection.
"In today's financial environment, it's imperative that executives overseeing treasury transactions have the flexibility to access, monitor and approve account activities 24/7 through their web-enabled mobile devices," said Michael Anderson, senior vice president and manager of commercial product management.
The new mobile banking application is available to the bank's commercial customers at no cost and enables users such as chief financial executives, treasury management and small business owners to access some of the bank's Online Business Center services via their smart phones. These include viewing account balances, including the prior day's closing ledger and current available balance; approving wire transfers; and scheduling internal transfers. There is no limit to the number of accounts or users who can access the application and fund balances are displayed in all major foreign currencies.
The bank will introduce new enhancements to the Mobile Business Center later this year, including the ability to manage positive pay exceptions to help protect against check fraud; the ability to initiate wire transfers from templates; and a Global Positioning System to help customers locate the nearest Union Bank branch.
The Mobile Business Center application is available for iPhone, Blackberry and Android at the official application stores and can be accessed by any web-enabled mobile device.
In addition to convenience, the application is intended to help strengthen fraud protection. Customers can receive alert notifications on their web-enabled mobile device and access the Mobile Business Center to take action. Businesses can determine parameters for triggering up to 12 types of customized alert notifications that may be sent via voicemail, email and/or text messaging. Alerts can include notices of an overdraft, a debit exceeding a predetermined amount or insufficient funds.