Mobile Banking Updates - May 25

New Boston Fed Paper: Mobile Payments in the US at Retail Point of Sale
"The Consumer Payments Research Center at the Federal Reserve Bank of Boston has released a new public policy discussion paper titled 'Mobile Payments in the United States at Retail Point of Sale: Current Market and Future Prospects' authored by Marianne Crowe, Marc Rysman, and Joanna Stavins."

Navy Federal Credit Union and EffectiveUI Unveil Navy Federal iPhone App
"Navy Federal Credit Union, the world's largest credit union, and EffectiveUI, an award-winning user experience (UX) design and development agency, today announced the release of a free mobile banking app for the iPhone and iPod touch®. The Navy Federal mobile app will make it easier for the organization's 3.4 million members to securely manage their accounts from wherever they may be in the world."

Sun National Bank Goes Mobile With mFoundry
"Sun National Bank announced today that it has partnered with mFoundry to launch Sun on Hand(TM), a state-of-the-art, fully integrated and comprehensive mobile banking solution for its customers. Featuring text messaging, mobile web and application technology, the program makes financial management possible anytime, anywhere for people with mobile phone access."

KeyBank Enhances, Expands Online and Bank Channel Capabilities
"KeyBank has enhanced its online banking capabilities and added mobile banking to its suite of banking solutions. Both moves reflect Key's ongoing efforts to provide clients with a breadth of options that meet their specific banking needs while delivering a superior overall client experience."

Bank of the West deploys online account opening and funding service from CashEdge
"US financial services provider Bank of the West has teamed up with account aggregation, funds transfer and online account opening company CashEdge to deploy the latter's online account opening and funding service for its retail banking customers."

Obopay Names Deepak Chandnani President
"Obopay, a leading mobile banking and payment provider, today announced the appointment of Deepak Chandnani as president of Obopay, Inc. The appointment is effective immediately and is a newly created position for Obopay."

MasterCard to Open Its Software for Application Development
"MasterCard Inc. is planning to open up its software format, enabling third-party programmers to develop payments applications for its network. The company said Tuesday that it would release open application programming interfaces for developers later this year. 'We feel this will unleash innovation within our industry, especially in the burgeoning areas of e-commerce and mobile payments,' Josh Peirez, MasterCard's chief innovation officer, said in a press release."

SMS Banking upgrades dominate recent development
"The May update of Mapa’s UK Mobile Banking and SMS Competitor Intelligence dashboards recorded notable new services as well as removed services in the UK market. Barclays have been the most active player in the mobile field the last months. Following the removal of SMS Banking highlighted in the Mapa update from February, the bank has now introduced their new and upgraded SMS Banking service. Customers sign up within Internet Banking and can register for regular balance alerts as well as triggered transaction alerts for a flat fee of £2 a month."