Using the service, financial institutions can implement mobile banking through a FundsXpress online banking platform, enabling an experience with the same capabilities as online banking on a mobile device, and only one set of login credentials to manage.
Since launching the mobile service in early 2011, First Data has signed 60 financial institutions for the service.
“After piloting this solution internally, we saw firsthand that it had the capabilities our customers are looking for,” said Mark Few, executive VP of American Bank of Texas. “The implementation was painless, especially considering the complexity of the product, but integration is only the first step. We also feel confident that, because we have chosen First Data for our mobile solution, we will be able to keep pace as the mobile marketplace evolves.”
Three modes of mobile banking are addressed through SMS, mobile web, and downloadable applications, including an iPhone application available through Apple Inc. First Data plans to roll out the same capabilities for Android phones, with availability sometime during the first half of 2011.
According to a study from Javelin Strategy & Research conducted in September 2010, consumers who bank with their mobile phones do so using all three methods, yet fewer than half of the financial institutions researched by JS&R offered all three modes in 2010.
“Mobile banking is an important stepping stone on the path to full mobile commerce,” said Dom Morea, First Data division manager of Mobile Commerce Solutions. “This powerful combination of technology from mFoundry and First Data, along with our high level of client support, creates a scalable solution that enables our clients of all sizes and charters to join in this evolution.”
