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.
VocaLink Launches Multi-channel Gateway to Enable Real-time Interbank Mobile Payment Services
VocaLink today announced the launch of their new multi-channel gateway product that enables banks to offer customers real-time, inter bank mobile payment services. The multi-channel gateway has been designed to work in conjunction with the VocaLink Immediate Payment solution, but can operate equally well with other payment services, such as the UK’s Faster Payments Service and the LINK network.
Central to VocaLink’s multi-channel gateway is a proxy database that has a look-up capability to associate a proxy such as a mobile phone number or email address to identify customer bank details and enables the payment to be completed. The proxy database ensures that the highest level of safety and security are adhered to, protecting the privacy of the bank and customers.
Marc Terry, Managing Director, Global Transaction Services at VocaLink said “The VocaLink multichannel gateway provides the final piece of the jigsaw that allows customers to initiate real time mobile payments just by supplying the beneficiary’s mobile phone number.”
Surce: VocaLink