Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
PaymentOne Launches Android Mobile Payment Solution
PaymentOne Corp. has launched an Android Payment Solution and Android Developer SDK, which is an extension of its core Mobile Payments Platform. The company provides phone-enabled payments for landline, broadband, and mobile carrier billing.
The PayOne Android solution allows consumers to simply click and use their mobile phone number to securely pay for applications, in-game extras, and related digital services through a convenient feature on their mobile phone. Consumers experience a seamless payment solution without the delay of exiting the application or game, and unlike alternatives, no credit card, pre-registration or account signup is required.
“Game developers and publishers are looking for effective monetization solutions that don’t interrupt the gaming experience,” said Joe Lynam, President and CEO of PaymentOne. “We have been successfully partnering with digital merchants to monetize their services for over 10 years. In-game payments, subscriptions and virtual goods on all platforms, from console to PC to mobile device, are perfectly suited for carrier-based billing.”
Source: Marketwire
Snap a Photo of Your Blank Check for Instant Mobile Checking Account Enrollment
Mitek Systems has released a new application for mobile payments companies which offers consumers the most convenient way to enroll their checking accounts.
Called Mitek Mobile ACH Enrollment, the solution allows mobile-payment companies to help consumers enroll their checking accounts as funding sources for mobile payments with a “Point, Shoot, Enrolled!” solution that requires only that consumers snap photos of blank checks with their smart phone cameras. Mitek’s application captures all the information needed for enrolling their accounts.
Today, consumers connect their checking accounts to their mobile-payment solutions by typing in a complex set of numbers shown on their checks via their smart phone keypads. These strings of numbers can cause confusion among mobile consumers to the point that they either abandon their attempted mobile transactions or enter the digits incorrectly. However, by having consumers snap photos of their checks, Mitek’s patented technology eliminates confusion and frustration by capturing and passing on all relevant checking account information that the payment company needs to connect its payment solution to the consumers’ checking accounts.
The product name is derived from the widely used Automated Clearing House (ACH) function in financial transactions. ACH processes large volumes of credit and debit transactions, which in 2010 totaled nearly 19 billion transactions valued at more than $29 trillion.
Mitek Mobile ACH Enrollment joins Mitek’s flagship Mobile Deposit, Mobile Photo Bill Pay and Mobile Receipt applications that all capitalize on the company’s core competency – the patented ability to securely and accurately detect, capture, analyze, enhance and process digital information gathered via the smart phone camera.
“By eliminating keystrokes, our new Mobile ACH Enrollment solution reduces consumers’ anxieties about enrolling their checking accounts with mobile payments providers,” said Mitek President and CEO James B. DeBello. “They no longer have to worry about entering each character in the proper sequence because they can let their smart phone cameras do all that.
“We’re turning our many years of experience in extracting critical data from check images and our patented intellectual property expertise into a platform of innovative applications for the mobile banking environment,” added DeBello. “The Mobile ACH Enrollment product is the first in a series of enrollment solutions enabled by our mobile imaging platform. Our customers who supply technology solutions to the financial services industry continue turning to Mitek for help in addressing industry problems. We’re happy to oblige.”
Source: PR Newswire
Driving Customer Usage of Mobile Money for the Unbanked
The Mobile World Congress in Barcelona hosted a Working Group for its “Mobile Money for the Unbanked” program. The group has now release a new report the outlines strategies for building the customer base of mobile money users.
The report, entitled “Driving Customer Usage of Mobile Money for the Unbanked” differentiates the marketing methods for airtime versus mobile money. From the MMU Blog, Neil Davidson writes:
“The report considers the many nuances of marketing mobile money. A key theme of the article is that marketing mobile money is very different from marketing airtime. Indeed, the customer journey for mobile money from unawareness to regular use is long and requires a number of inputs: customers need to not only be informed that the service exists, but also convinced that it could solve a problem in their lives and educated about how it works. We discuss tactics that marketers can employ when customers get stuck along this journey, such as when they have registered but fail to transact, and we have included a diagnostic as a supplement to the article to help operators diagnose and rectify such issues among their potential customer base. The article includes 27 mini-case studies about effective—and some less effective—mobile money marketing tactics, and we are grateful to the many mobile operators and other mobile money providers who agreed to share their experiences with the broader industry.”
The 33-page report (PDF) is available for download.
See full report (PDF): Driving Customer Usage of Mobile Money for the Unbanked
Source: MMU Blog
North Jersey Community Bank Launches Mobile Banking Service
North Jersey Community Bank just launched mobile banking for customers with personal banking accounts. This new service will enable NJCB customers to access their personal banking accounts via cell phones and handheld devices. Additionally, mobile banking will allow NJCB to tap into the newest generation of customers – those who may never step into a branch, but are looking for a customer-focused bank for all their banking needs.
Mobile banking applications have been developed specifically for those who use the Android, Blackberry, iPhone, and iPad platforms, however, the service will be accessible to all service providers and phone models with an Internet connection.
“Mobile banking provides an innovative, convenient way to bank for our customers on the go,” said Frank Sorrentino III, Chairman and CEO of NJCB. “In this fast-paced, connected world, NJCB is demonstrating its commitment to meeting our customers’ evolving banking needs by offering the latest technology, providing a hassle-free way to manage accounts, and the opportunity to bank from any place they desire.”
NJCB’s customers who bank online will be able to utilize the mobile service to access their accounts to check balances, view transaction history, pay bills and transfer funds internally. Current personal banking customers can request access to mobile banking by logging onto NJCB’s online banking portal, where they can register their device and set up their secure information.
“Mobile banking is a convenient, secure, and easy-to-use method of banking that enables our customers to access their accounts from the palm of their hand. We have developed a safe and secure platform for our mobile banking program and are thrilled to provide this solution to our customers who want the option to bank through their iPad, cell phone or PDA,” said Sorrentino.
NJCB offers a range of financial services for both personal and business customers, and provides other banking products and services, including mortgages, home equity loans and lines of credit, as well as a wide selection of commercial services.
Source: PRNewswire
Clickatell Announces $12 Million Funding Round from Sequoia Capital and DAG Ventures
Clickatell, has announced it has secured $12 million in a series B round of venture funding led by Sequoia Capital and DAG Ventures. The funding will be used to continue the company’s expansion into new service areas and geographies where automated, just-in-time mobile messaging is powering huge gains in customer engagement and value and opening the door to new mobile transactions. The company provides Personalized Priority Messaging as a service.
Clickatell is a profitable company with more than 13,000 customers that utilize its mobile messaging API’s and global delivery infrastructure to reach and respond to customers across some 869 networks in 223 countries and territories. Personalized Priority Messaging via Clickatell is embedded into virtually any business process to increase an organization’s capacity to offer new levels of customer help and engagement using mobile text messaging (SMS).
“Clickatell was early in recognizing the immense power of mobile messaging to transform the customer experience. With the capacity to reach some 70 percent of the world’s population, Personalized Priority Messaging can help companies of all sizes create more welcoming and helpful brands by delivering just the right message, to the right person at the right time,” said Pieter de Viliers, CEO and co-founder of Clickatell. “We’re excited by our continued relationship with Sequoia Capital and value their insight into various markets and sectors. We are also happy to welcome to our team DAG Ventures whom we enjoyed working with on this transaction. Mobile is the new medium of consumer engagement, and brands from Lagos to London are recognizing this. Clickatell is very well positioned to become an even stronger leader in Business-to-Consumer Mobile messaging and transaction enablement. We are excited by the future mobile has to offer.”
A leading provider to the global financial services industry, Clickatell is innovating new Personalized Priority Messaging-based services to enable financial transactions over the mobile phone in developing countries. In the United States, it is launching a new web-based solution that will enable small and medium sized companies to far more easily deploy Personalized Priority Messaging in their business. Its platform is used by organizations worldwide to deliver targeted, time-sensitive alerts, notification, reminders, responses, updates, answers, verifications and promotions with unprecedented levels of receipt, readership and response.
“Global adoption of mobile messaging as a powerful channel of engagement continues to astound,” said Mike Goguen, Managing Partner at Sequoia Capital. “Some 6.1 trillion SMS messages were sent in 2010, triple the volume of 2007. Clickatell continues to be a leader in this market, with both the vision and the execution capabilities to realize the opportunities inherent in this market.”
“Clickatell is well positioned to take advantage of the continuing growth of mobile messaging in both emerging and developed markets,” said Nicholas K. Pianim, Managing Director at DAG Ventures. “New Clickatell solutions to power mobile transactions in Africa and increase U.S. small business adoption of Personalized Priority Messaging represent exciting new opportunities for growth.”
Source: PR Web
Sutherland and Tyfone Partner in Mobile Banking Services
Sutherland Global Services, a provider of Business Process Outsourcing (BPO) services, has announced a partnership with Tyfone, a global provider of unified mobile secure transaction infrastructure for mobile banking, mobile identity management and mobile contactless NFC payments.
Over the last twenty years mobile financial services have become the fastest growing distribution channel for financial institutions. Mobile channels have helped to reduce customer attrition and improve customer acquisition and provide new revenue streams.
The partnership combines Sutherland’s financial services domain expertise and global presence with Tyfone’s ability to deliver mobile financial services and mobile payments functionality on a single platform – extending any banking product to any mobile phone on any operating system over any network. The Sutherland-Tyfone combination also provides a means for delivering NFC contactless payment capabilities to customers via Tyfone’s u4ia pre-integrated mobile financial services platform.
“The financial services ecosystem is quickly changing and the ability to recognize and adapt to customer needs and demands plays a vital role in Sutherland’s success in the industry,” stated Dilip Vellodi, Chairman and CEO of Sutherland Global Services. “Tyfone’s technology innovation in the mobile banking industry and expertise in helping financial institutions to leverage the benefits of the mobile platform perfectly complements Sutherland’s specialized services in various Financial Services segments.”
Financial institutions are turning to specialized-services companies like Sutherland to maintain profitability and reduce time-to-market, especially in the current economic environment. By adding advanced offerings like mobile banking and NFC contactless payments, Sutherland enables financial institutions to quickly and easily provide their customers with secure mobile services and at the same time access potentially new revenue streams
“Bringing our proven, patented technologies to Sutherland’s sterling record of providing streamlined, cost-saving financial services is an excellent partnership opportunity for Tyfone” said Prabhakar Tadepalli, Tyfone’s chief operating officer and co-founder. “Through the implementation of our u4ia platform with its available companion SideTap, Sutherland will be able to provide its customers with the tools necessary to deliver a robust mobile banking solution to their clientele, making trusted, feature-rich mobile banking a reality.”
Source: MobilityWire
NXPI: NFC chip Maker Stock Soars 130 percent in Three Months
Tech stocks are flying high again. During the past three months, none has climbed higher than NXP Semiconductors (NASDAQ: NXPI), the leading maker of near field communications chips that turn cell phones into digital wallets. Shares of the Netherlands-based company have climbed 130 percent during that period, more than any publicly traded stock in the world with a market capitalization of at least $2 billion, tech stock or otherwise. [Read more…]
Three Financial Institutions Switch to WAUSAU Financial Systems for Remote Deposit Capture
WAUSAU Financial Systems, a provider of payment and receivables processing solutions, today announced that Westbound Bank, American Chartered and Alerus Financial have made the switch from their existing remote deposit capture (RDC) solutions to WAUSAU’s Deposit 24/7 RDC suite. Deposit 24/7, complete with risk monitoring and remittance payment capture functionality, is the most comprehensive RDC solution available, and includes merchant, consumer and mobile capture points which allow for convenient and secure check deposit from the office, at home or on-the-go.
For financial institutions previously unsatisfied with their check deposit technologies, WAUSAU Financial Systems’ RDC solution distinguishes itself through unique functionality, including automated risk monitoring, a necessity for financial institutions that plan to offer RDC to micro-businesses and consumers.
“After reviewing five potential RDC providers, many claimed comprehensive risk monitoring still wasn’t an option,” said Lisa Clark, IT manager, Westbound Bank. “Then, we were introduced to WAUSAU’s solution. Its full integration to Quickbooks, built-in lockbox capabilities and custom risk monitoring features truly set it apart from the other solutions.”
Understanding that risk strategies often leave financial institutions vulnerable, WAUSAU ensured its solution included components such as velocity and dollar limits and real-time decisioning, making the management of risk and compliance truly second nature for financial institutions and their risk management teams.
“Managing risk is always a bank’s primary concern, given the sensitive nature of our business,” said Kent Scharringhausen, senior vice president of treasury, American Chartered. “We were looking for one provider with a comprehensive RDC package including mobile and consumer options. We interviewed six vendors and WAUSAU was the only one that could provide complete assurance surrounding risk, in addition to a mobile RDC solution ready for deployment next month.”
Given the electronic, self-service options the technology provides, financial institutions like Westbound Bank, American Chartered and Alerus Financial can use WAUSAU’s RDC technology to retain and expand their customer bases, providing new levels of deposit convenience and reducing traditional branch deposit transaction volume and branch operating expenses.
“Introducing new technologies to our branches can sometimes cause uncertainty among our staff,” said Lori Laturnus, deposit platform manager, Alerus Financial. “With WAUSAU’s solution, however, we were given the proper training and resources to implement the new technology quickly, without the headaches new systems can often create.”
For innovative financial institutions looking for speed-to-market with mobile deposit solutions, WAUSAU’s Deposit 24/7 Mobile RDC application offers seamless integration options that allow them to get to market quickly without compromising on quality.
“Our unique mobile ASP solution is particularly fitting for community banks wanting to get to market quickly, given it can integrate with financial institutions’ existing mobile banking platforms or be used as a stand-alone application, if desired,” said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. “Currently, few financial institutions are offering mobile RDC. Those that make the decision to offer mobile will have a window of opportunity to attract new customers and capitalize on growth before the competition elects to follow.”
Industry analysts agree that many more financial institution RDC installations are to come.
“Celent estimates that more than a million consumers are registered users of consumer desktop or mobile RDC,” said Bob Meara, senior analyst in Celent’s banking group. “We’re beginning to approach mass adoption and see the recent RDC deployments as only the tip of the iceberg. A growing number of financial institutions, whether large or small, are sure to launch consumer directed RDC products in the coming year.”
For more information on WAUSAU Financial Systems’ Deposit 24/7 RDC solution, which has earned top ratings from industry analyst firms Celent and Aite Group, visit www.wausaufs.com.
Deposit 24/7 Mobile relies on technology from Mitek Systems, Inc. called Mobile Deposit, a patented application that allows users of many popular smart phones to deposit their checks simply by snapping photos with the cameras on their devices.
Source: PRNewswire
Mobile Payments in Afghanistan
When someone in a far-flung rural mountain village in Afghanistan wants to transfer money to family in another part of the country, there are few conventional banking options. A new text-based payment service, backed by the country’s banks and telecom providers, now offers a simpler, more convenient alternative.
In 2008, telecommunications company Vodafone and Roshan, an Afghan telecom provider, teamed up to launch a mobile-phone payroll service called M-Paisa for the Afghan National Police. Now M-Paisa has been expanded so that anyone with a mobile phone and an M-Paisa account can transfer money across the country for a small fee.
via Technology Review.
European Treasurers Want Wider Access to Mobile Banking
Mobile banking has a strong adoption rate among European treasurers and there is a clear demand for wider access according to Treasury Strategies, Inc., a treasury consulting firm with offices in New York, Chicago and London.
In a report issued this week, Treasury Strategies indicated there is a clear vision for the capabilities and functionality demanded by European treasurers, however, mobile services are not widely available.
Treasury Strategies surveyed 160 treasury organizations across Europe and learned that 19 percent of them are using mobile offerings.
“This adoption rate is strong, given how recently these services first became available,” said Monie Lindsey, Managing Director of Treasury Strategies in London.
The primary reason why corporates are not leveraging mobile services is a lack of mobile offerings from their banks. Non-users are highly interested in mobile services, with 93 percent indicating they would like to view balance information via their mobile devices.
“Such strong interest is a call to action for banks to find a way to develop these services for a growing business segment,” said Lindsey.
The path for developing these services is clear. In addition to viewing balances, there is a strong and specific demand for mobile services that would enable a user to authorize and release payments as well as execute and confirm trades.
“The key for corporate treasury is that mobile banking services must be built into the larger technology scheme of the organization. Additionally, banks need to understand how their mobile offerings would fit into the daily operations of their clients in order to develop offerings that meet their clients’ needs,” added Lindsey.
Source: MarketWire
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