Mobile Banking Updates - Sept 12

Microfinance & M-banking Virtual Conference Recap
"Thank you to everyone who participated in CGAP’s virtual conference over the past two days on the topic of microfinance and mobile banking, coinciding with the release of our latest Focus Note Microfinance and Mobile Banking: The Story So Far. A special thanks to our moderators for each session who shared many interesting insights from their own experiences."

Jack Henry & Associates Announces Standalone Person-to-Person (P2P) Electronic Payment Solution
"Jack Henry & Associates, Inc., a leading provider of integrated technology solutions and data processing services for financial institutions, today announced TheWayiPay(TM), the standalone version of the iPay person-to-person (P2P) electronic payment solution which is provided by its recently acquired iPay Technologies division."

Mobile Banking and Mobile Deposit is growing
"Smartphones let you watch sports events, play games, read books, and check e-mail. Now a suite of mobile banking services is just a tap away, too. Banks have significantly expanded their mobile offerings as concerns about wireless security ease. Many of these banks just have the ability check balances and transfer funds, but many are starting to offer Mitek Systems’ Mobile Deposit technology that allows one to deposit a check via their smart phone. The important thing to point out is that Mobile Deposit can save you tons of time and money, because you can essentially deposit a check from anywhere at anytime."

Qualcomm’s Firethorn Begins Rollout of Wireless Gift Card Ahead of Holiday Season
"Three years ago, San Diego’s Qualcomm (NASDAQ: QCOM) paid $210 million in cash to acquire an Atlanta mobile banking startup called Firethorn Holdings. At the time, some commentaries emphasized that mobile banking in the United States was emerging at a snail’s pace. Even Firethorn founder Tripp Rackley told GigaOm last November, 'It’s going to be a long time before mobile payments take off; there will be a lot of people trying to make that happen. But until we go into a grocery store and see people pulling phones out to pay, we won’t be there.'"

Mobile Security Problems Will Drive Demand for Authentication Products
"As mobile phones become basic tools of commerce, the threat of significant theft through hacking and other illegal activities is rising, causing enterprises and network operators to scramble to find ways to protect their customers' data through mobile authentication solutions, according to the latest report from Heavy Reading Mobile Networks Insider (www.heavyreading.com/mobile-networks)."

Mobile Banking: How Secure Is It?
"Movement in the mobile channel is exciting for bankers and customers alike. But that movement does not come without security concerns. How secure is mobile banking? The short answer: No one really knows. The complexity of the mobile channel -- which includes a number of players, from the financial institutions and customers themselves to the wireless carriers and third-party developers of downloadable applications -- is part of what makes mobile so daunting."