Citi Launches Mobile Innovations: CitiDirect BE Payment Advisor and Payments Directory Mobile

"Citi has launched two new efficiency applications for financial institutions that are available on mobile devices – CitiDirect BE Payment Advisor and Payments Directory Mobile.

CitiDirect BE Mobile Payment Advisor is a mobile-enabled application that allows banks, their customers, or third parties to track the status of a payment at any time and from any mobile device, similar to tracking the status of a package." Continue Reading

International Mobile Banking Updates - July 15

BPI sees mobile banking transactions rising rapidly
"THE Bank of Philippine Islands (BPI) anticipates a sharp rise in mobile banking transactions this year. In a statement sent by e-mail, BPI executives said that since the first launching of their mobile banking application in 2011, more than half of mobile banking enrollees transact with the bank using their mobile apps. According to BPI executives, the number may rise further in the wake of the adoption of the latest version of the BPI Express Mobile App."

Mashreq Qatar launches smart banking with Snapp mobile banking app
"In its efforts to continue leading the banking space, the region's leading financial institution, Mashreq Qatar has officially launched state-of-the-art mobile banking app 'Snapp'. The fully-functional mobile banking service can be downloaded free of cost and is available to customers on Android and iOS platforms throughout Qatar."

Citi PH's mobile banking app offers 'one-time PIN'
"Citi Philippines has launched a "one-time personal identification number" (PIN) feature in the Citi Mobile banking app. Citi clients can now get a "one-time PIN" via SMS or on the online security device, offering greater convenience when making online banking transactions. The "one-time PIN" is a unique six-digit PIN that serves as a dynamic second-level authentication and allows users to access their account details and complete online transactions on their computers, tablets or mobile phones."

Polish banks unveil mobile payments standard
"Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country. Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank, ING Bank and PKO Bank Polski intend to build a common infrastructure including standard authorisation and settlement. The system will be open to all market participants, including other banks, and will support abilities such as mobile cash withdrawal from ATMs and mobile money transfer."

Westpac launches home loan approval via mobile
"In a first for New Zealand and Australia, Westpac NZ customers can apply and secure approval for a home loan within minutes via their mobile phone. The new capability is part of the latest update for Westpac’s mobile banking app and is available now. Customers can fill out a home loan application, submit it and receive approval all via their phone. The entire process, including receiving the approval, takes just minutes and adds a new dimension to weekend house hunting, participating in auctions and the planning process in buying a home."

Africa's first Bitcoin wallet launches in Kenya
"Africa's first Bitcoin transfer service has launched in Kenya, piggybacking on M-Pesa, the country's highly successful mobile banking platform. The service, called Kipochi, will allow Kenyans to move money abroad while dodging the hefty transaction fees charged by companies like Western Union and MoneyGram. Kipochi -- which means purse in Swahili -- describes itself as a lightweight, easy-to-use Bitcoin wallet. Users only need an email address, phone number and passport or national identity number to sign up and can currently transfer up to one bitcoin a day using the service -- although this is expected to increase soon."

FNB revamps online banking
"First National Bank has given its online banking portal an overhaul. The new site is more minimalist and allows clients to use the full, online service on smartphones and tablet computers, in addition to laptops and desktops. The new website will be available to consumers on Sunday."

Santander unveils mobile banking service for small business customers
"Santander Business Banking has rolled out a new mobile banking service for small business customers, in a bid to offer convenient online payment channel to execute various banking services through their mobile phones. In order to access banking services through mobile phones and handheld devices with internet access, customers will have to register to Santander Online Business Banking, prior to sign up for the mobile banking service."

Kenya: CIO 100 - Old Mutual's Mobile Based Unit Trust Proves to Be a Hit in Kenya
"The last seven years have seen the mobile phone become quite a useful tool in East Africa, and especially in Kenya, where M-Pesa has become a global case study of the impact of mobile money. On Twitter, Carole Kimutai, editor - Management Magazine says "I am so amused watching bank CEOs brag about mobile banking. I remember how scared they were of M-Pesa. Times really change!" Mobile also emerged also prominently featured at the third CIO East Africa CIO 100 Annual awards and Symposium in Kigali, Rwanda."

Mobile Banking Updates - April 25

Refi Party Is Over, Mobile Money Party Is Just Beginning
"Mobile Money: Anglocentric coverage in today's FT. "For prospective employees mobile banking could prove one bright spot for pay and prospects in the sector," says one story. "Retail banks are expecting mobile banking to be the area where the most roles will be created this year, ahead of branch and internet banking." Another article looks at the competitive threat to incumbent U.K. financial institutions from nonbanks selling phone apps, prepaid debit cards, etc. "Banks will have a hard time coming down and playing in this space because of their regulators," a payments industry lawyer tells the FT. Sound familiar?"

4 tips for finding the best mobile banking
"Mobile banking use is exploding, and banks are quickly adding new services. Last year, 10 million more people signed up for mobile banking, according to Javelin Strategy & Research in Pleasanton, Calif., driven by soaring smartphone and tablet use. And, one-third of the U.S. population is now tapping into mobile banking, versus one-fifth in 2010. But mobile services vary widely. Here's the mobile banking landscape you're likely to encounter and how to choose the best bank and apps for you. Big banks such as JPMorgan Chase & Co., Bank of America and Citi have led the charge, offering the most robust mobile banking technology, says Mary Monahan, Javelin's research director of mobile. And they consistently head the class in mobile banking service quality rankings, though regional banks are also quickly adding mobile services."

CO-OP Introduces Mobile App for iPad
"Credit union clients of CO-OP Financial Services are now able to offer their members a mobile banking app for the iPad tablet. The new app will let members account balances and cash flow charts that summarize debit and credit activity; account history; transfers; and GPS-enabled access to CO-OP Network ATM or CO-OP Shared Branching locations, the payment CUSO said. In addition, the app enables each credit union to customize with member access to their own hosted web pages for loan/account opening services, rates and promotions; or social media sites such as Twitter, Facebook, LinkedIn and YouTube."

Regions online banking goes down due to "network issue"
"Many Regions Bank customers were without online banking access Monday after what the company calls an 'intermittent network issue.' The bank said in a statement on their Facebook Monday they are experiencing a network issue which is impacting some customer's ability to access their website. Those wishing to access the company's website, Regions.com, were taken to a Network Solutions backorder domain website. 'I've been trying to log on off and on since this morning and it is a different page and says the domain no longer exists. I didn't type any info in because I was afraid I'd be hacked,' says Leanne Eldridge."

Wells Fargo's Big Idea: Shrinking Branch Office
"Can neighborhood bank branch offices works smarter, and not harder? Oh, and can they work smaller, too? Wells Fargo (WFC) aims to find out starting this month. The San Francisco banking giant opened a branch Monday in Washington, D.C., that is one-third the size of the usual and comes well-stocked with such features as mobile banking, new ATMs and image-based bank deposits."

Mobile Banking Updates - Aug 5

MOBILE 2.0 BBVA Compass develops own apps
"Mobile banking today is where online banking was about ten years ago, but its development is accelerating rapidly. Following a lukewarm start with software vendors three years ago, BBVA Compass bit the bullet and brought its mobile banking entirely in-house. Now it's rolled out updated apps for Android, iPhone, iPad, and Blackberry and has plans to steadily increase functionality. The bank estimates that 20% of its customers use its mobile apps."

New Mobile App Leads to New Core
"With six total branches, of which five are located inside the walls of the manufacturing facilities and corporate offices of Indianapolis-based pharmaceutical giant Eli Lilly and Co., executives at Eli Lilly Federal Credit Union know how important it is to make access to services quick and easy for members who reside in every state and 37 foreign countries."

Simple Money Handling App For iPhone
"Mobile banking has seen progress in recent years, but it has mostly been based on the networks’ accessibility and willingness to provide the service. However, the flexibility of the iOS has given banks a new way to promote their services wirelessly through applications. Developing applications for Apple’s platforms has become the top priority for most banks while some of the bigger ones such as Citibank and Chase already have functioning applications that let you handle your transactions from your phone. Some pure payment companies such as PayPal have even developed apps that enable you to scan the credit card with the camera and use it to transfer money."

Digital Money, Mobile Wallets and Latin America
"A recent wave of global and regional announcements regarding mobile wallets and payment systems has casual and close followers alike asking some the same questions. What exactly are they talking about? Whether the statements are promoting digital money, mobile payments, mobile banking, prepaid or a mobile wallet, one thing is certain: the lack of consistency in terminology and the vagueness typical of early product releases has made the task of distinguishing all the more difficult with each new announcement, confusing would-be industry participants and potential end-users. So, it would seem that some demystifying is in order:"

Mobile Payments: Can Banks Seize the Moment to Transform Consumer Finance?
"Although payments have existed in some form since the dawn of civilization, there probably never has been as much innovation, uncertainty and activity in the payments space as there is now. Much of that uncertainty has to do with the role -- today and in the future -- of banks in payments. Banks and financial services firms, including the major card companies, continue to provide much of the infrastructure that processes, supports and maintains payments. But it often seems as if most of the innovation around payments that is capturing the hearts and minds of customers (consumers and corporates) is coming from non-bank players, ranging from Internet behemoth Google to a host of much smaller and less-well-known technology firms."

Mobile Banking Updates - Jun 24

Bank of America fights to keep top spot in mobile banking
"Bank of America Corp.’s Aditya Bhasin has 10 million reasons to celebrate the Charlotte-based company’s leading position in mobile banking. But industry analysts say the online- and mobile-banking exec also has a growing number of reasons to watch his back. That’s because an arms race is under way in mobile banking."

Mobile Banking Spend on the Rise
"Retail banks are planning to invest heavily in mobile due to increasing customer demand, according to a new report from Cambridge, Mass.-based Forrester Research. Forrester surveyed members of the Consumer Bankers Association (CBA), who reported that they will spend one-third of their total digital budget on the mobile channel this year. The joint research project with the CBA's emerging channels committee surveyed digital executives at 19 leading U.S. and Canadian banks. The findings were summarized in a two-part report, "The State Of North American Retail Banking eBusiness 2012."

Small Business and Mobile Banking: A Growing Imperative?
"Aite Group said its research finds that increasing their business with small businesses is critical to their overall success, in the opinion of 80% of American banks. Reaching a lot of them also will require including mobile banking as offerings to small and medium enterprises, the Boston-based think firm said in a new report. While not yet the preferred banking channel, Aite Group said, its research shows that currently 33% of small businesses currently bank with a mobile device. Another 31% express an interest in doing so, the research and advisory firm said, and 54% will by 2015."

Citi Adds Trade Services to Corporate Mobile Banking
"Trade Advisor is an online banking tool that lets companies conduct crossborder trade transactions, including updates on letters of credit, trade finance loans and documentary collection for import and export. CitiDirect BE Mobile, launched in August as part of Citi's Global Transaction Services, lets corporate treasurers receive alerts and authorize payments pending approvals, release payments for straight-through processing, and check balances and payment statuses, among other things."

Banks layer up on security to protect customers
"What are the odds that the head of a company that tracks financial fraud would have his own bank account breached? James Van Dyke, president of Javelin, certainly found it ironic when Wells Fargo alerted him to a fraudulent transaction six months ago. He was also glad he had signed up for a service that notifies him every time there’s a credit card transaction that occurs in his California business’s name."

Should you fear mobile banking on your cell phone?
"Do you like the ease of banking over the phone? Or do you fear something happening to your personal information? ABC 4 got the results of a recent experiment involving smart phones, and what happens when they are lost, then found by a stranger. But what can you do to protect yourself if you loose your phone? It’s happened to April Tucker a lot."

Mobile Banking Updates - Mar 29

Tigo Helps Remittances Go Mobile
"Every week or so, Nehemias Navas-Perez, 32, a Long Island, New York, landscaper, trudges over to the local Western Union or Intermex to send a couple hundred dollars to his family in the jungle-covered outpost of El Peten, Guatemala. Remittances from folks like Navas-Perez, who emigrated from El Peten 11 years ago, can account for 11% of GDP in small countries like Guatemala, and create huge international money flows each year: In 2011, World Bank figures indicate that there were $483 billion in such remittances worldwide."

Bank transactions made easy through Mobile Apps for smartphones
"The country’s largest foreign bank recently unveiled a suite of Mobile Banking Applications for three platforms – Android, BlackBerry and iPhone. Citibank’s latest move enables both its credit card and bank clients to access their accounts and complete a range of banking transactions using their preferred smartphones."

Citi launches mobile banking platform
"Citibank, the largest foreign bank in the country, yesterday launched its newest product on mobile banking which will run on Android, BlackBerry and iPhone. According to Sergio Zanatti, consumer business manager for Citibank in the Philippines, the newly developed technology will allow its depositors and credit card users to access their accounts on their preferred mobile phones."

Juniper Research says mobile banking is moving from Push to Pull
"A new ’Mobile Banking for Developed & Developing Markets’report from Juniper Research has found that mobile phone banking is gaining considerable traction. It’s mainly thanks to the exploitation of advanced functionalities such as banks bundling MBPP (Mobile Bill Presentment and Payment) services within their overall mobile banking platform. Plus there’s been additional momentum from easy-to-use smartphone apps. The report has also discovered that there’s a growing user acceptance of ‘push’ mobile banking. "

Mobile banking and payments set to take off in the UK, say industry big hitters
"The mobile banking and mobile payments battleground in the UK is heating up as industry players manoeuvre into position to take advantage of the opportunities. This is according to a report commissioned by digital banking provider Intelligent Environments (IE), which investigated the views of mobile strategists within companies at the forefront of mobile banking and payments services, such as O2, Microsoft and Lloyds Banking Group."

Mobile Banking Security - Feb 22

Google, Citi discover first-mover advantage comes with a price
"The mobile industry let out a big “oops” this week when flaws were exposed in mobile applications from Google and Citi that put consumers at risk, suggesting that the rush to be first in mobile payments and mobile banking may come with a price. Two security flaws were identified last week in the Google Wallet mobile payment app that potentially let hackers access consumer accounts."

Fraud: The Latest Threats
"What are the top emerging fraud threats via mobile banking, and how must security leaders respond? In an RSA Conference preview, Julie McNelley of the Aite Group offers tips for fighting the newest threats. By 2014, Aite Group estimates 44 million consumers will be using some form of mobile banking. And as more institutions roll out mobile banking and payments, more consumers will jump on the mobile bandwagon, making mobile banking an increasingly inviting target for fraudsters, McNelley says."

Support Grows for Mobile Banking Apps, But Security Still a Concern
"Mobile banking applications enable smartphone and tablet users to do everything from scan and deposit checks to transfer large amounts of money, but many consumers and business professionals remain concerned about the safety of using such apps."

Fraud Fight: How to Pick Your Battles
"From mobile malware to the Anonymous hacktivist attacks, how can banking institutions tackle the changing threat landscape? Joe Rogalski of First Niagara Bank has some new ideas. One of the challenges: Proactive risk assessment often takes a backseat when banks and credit unions feel pressure to quickly launch new offers like mobile banking."

Mobile Banking Updates - Oct 9

As Smartphones near a Key Crossover, Mobile Banking Adoption Soars 60%
"Today’s “Let’s talk iPhone” event epitomizes the fascination that Americans have with their smartphones, the same fascination that is leading to an important crossover. In 2011, the U.S. will cross the 50% mark when more than half of mobile Americans will own smartphones vs. standard or flip phones. This has important implications for mobile banking, as half of smartphone owners conduct mobile banking, they are more likely to appreciate the benefits of mobile banking, to regularly make sticky transactions, and far less likely to give up on mobile banking than those with regular mobile phones. In short, smartphone owners make ideal evangelists for mobile banking."

Show me your mobile, I'll show you who you are
"I expect the day will come when if you really wanted to get to know your bank’s customer, all you would need do is tap her mobile phone. Legally, that is. Multiple developments taking place in mobile financial services are turning smart phones into an all-seeing eye — one that can track every move that in some way involves money, even when it’s not changing hands. It can also give your bank a wealth of information to offer all sorts of other services to its customers."

Citi Relaunches Website with Mobile Flavor
"Most banks design mobile sites as shrunken versions of online banking. Citigroup Inc.'s new website instead takes the lessons of mobile and blows them up for a bigger screen."

Aman Narain on Standard Chartered's Custom-Built Internet and Mobile Bank
"For someone who lived in four countries before moving to Singapore, Aman Narain's resume has an unusual consistency -- he's worked for the same employer, Standard Chartered, since joining the bank right out of college. Narain started in corporate banking, worked in investor and public relations, and then rotated through strategy and mergers and acquisitions."

Scotiabank Expands its Suite of Mobile Banking Apps
"More Scotiabank customers than ever before can carry their bank in their back pocket when they download a Scotiabank mobile app. The Bank announced Friday that a Smartphone application is available to customers in 20 Caribbean countries. This complements the Bank's existing suite of apps, now available for iPhone, BlackBerry and Android users in Canada"

Mobile Banking Updates - May 12

The Impact of Mobile Banking: A Case for Mobile Marketing
"A new report from Aite Group provides insight into the behaviors of mobile banking users. Based on a December 2010 Aite Group survey of 1,011 U.S. consumers, the report explains why specific consumer behaviors are important to financial institutions’ mobile banking and mobile marketing strategies."

A Strong Cell
"Innovation's true power can appear as a subtle revelation, unveiling itself in something as benign as a line of data on a usage report.

'Two of our biggest days within the first few months of offering corporate mobile banking were the day after Thanksgiving and New Years Day. And they were the two biggest days for usage of wires and wire approvals,' says Don Jenkins, vp and senior product manger at PNC, which offers both retail and corporate mobile banking, which launched last fall. 'The offices weren't even open, and people were away and still able to get business done. That proves the point right there.'"

Citibank Ups Digital Engagement with Online Initiatives
"Tracey Weber joined Citi in October 2010 to oversee internet and mobile operations at Citibank North America. Weber spoke to eMarketer’s Lauren McKay about new developments at Citibank—from its @AskCiti Twitter account to its mobile banking efforts."

Tablets' Sweet Spot: Sales
"A hint of a lightweight laptop with a dashof a really big handset, tablets are still retail banking use-case nomads, in search of the best ways to get consumers excited and curious. Wherever the new devices are finding a comfort zone, in places such as sales and investing, tablets like Apple's iPads and RIM's Playbook are proving to be just as un-encumbered as their smartphone cousins."

Mobile Banking Updates - Nov 21

Nielsen: 13% Mobile Banking
"Only a small portion of U.S. consumers are banking via mobile phone, but that group is starting to grow to become a measurable presence, according to a new study from Nielsen. The research firm found that 13.2% of households accessed their bank account through a mobile device in second quarter 2010 compared 20.8% who accessed their account using the bank’s customer service call center. The mobile share is up from 11.6% in first quarter while call center access has remained relatively flat quarter-over-quarter."

Citi to invest in mobile and online to attract affluent customers
"Citigroup Inc (NYSE:C - News) plans to spend $3 billion to $4 billion on its consumer bank to attract more business from its wealthy, urban customers, the head of its North American consumer bank said on Wednesday."

ClairMail’s hiring points to eventual IPO
"Let’s start with that last item, which brings us to ClairMail, a San Rafael, Calif. start-up with a name we don’t quite understand but a business that’s easy to grok. And why should you care about them? Because start-up companies that want to get ready for the public markets need to grow in three primary metrics: customers, revenue and employees. It also helps to have a team of executives which has already taken a company through the maturation process.

If you’re looking for the next wave of IPO candidates flying low on the radar, start with companies that are adding big customers, hiring lots of workers and bringing in seasoned executives."

GoMo News discover mobile 419 scam, maybe
"By fluke, GoMo News just might have stumble across a mobile version of the Nigeria 419 money scam. 419 being the area code you’re asked to call in Nigeria. In this case, the fraudster appears to want to get hold of our mobile phone number and ask for our help. Perhaps we are being too suspicious or can one of our readers explain how the scam – involving MTN‘s Mobile Money banking – service might work?“This is what the original email said, “I opened an account with MTN mobile money last week on Tuesday 2nd/11/2010 and I saved 50,000 on that account.” Notice the currency isn’t mentioned."

Chase Mobile Banking App Coming To Android Early December
"Turns out that a teller at a Chase Bank location leaked out that the Chase Mobile App will be making its way to the Android Market in “early December”. This comes as great news to many Android owners who bank with Chase, as we’ve seen the nice features the Chase app is capable of on iOS."

Banking Challenges Posed by Internet
"'There are at least a couple challenges created by mobile-phone activity,' says Greg Rattray, the new head of security for BITS, a division of The Financial Services Roundtable.

Rattray, who joined BITS in September, says as more financial transactions and channels such as mobile emerge, Internet strains and security have to be addressed. 'The thing that we're increasingly concerned about is the nature of these (mobile) devices,' he says, 'and whether they can be properly secured so that we can enable people to use mobile banking.'"

Names You Need To Know in 2011: Mobile Money
"Mobile Money. Mobile Commerce. It’s so new it’s too early to say what name will ultimately stick, but over the next year we’re going to be hearing a lot more about our ability to zap funds between one-another without the shackles of coins, paper bills, plastic cards or checks."

Monitise to form joint venture with Best Buy Europe and Charles Dunstone
"Monitise plc, a UK-based provider of mobile banking and payments solutions, has agreed to form a joint venture to setup Mobile Money Network with Best Buy Europe Distributions Limited and Charles Dunstone to deliver mobile marketing and payments network. Both Monitise and Best Buy Europe are based in the UK."

Mobile Banking Updates - Mar 18

Citi Sees Weak Demand For Mobile P2P Transfers, For Now
"Citigroup Inc. is learning many consumers today do not share its enthusiasm for mobile payments.

Citi, the first major bank to evaluate mobile transfers, has determined that even the people most likely to consider their phones a useful way to send money are still years away from embracing the technology.

The banking company began testing mobile person-to-person transfers in 2008, but quietly shuttered the program in December, concluding that consumers are only now starting to understand the capabilities of their increasingly sophisticated phones."

Europe gears up for SMS- based mobile payments
"Europeans now seem to be willing to pay for goods from their phones and with the successful trial in Sweden; the continent seems to be ripe enough for SMS-based mobile payments to take off. 20% increase in sales of the seven vending machines in two Stockholm underground stations was reported where the service was trialed by the payment and messaging equipment provider, Ericsson IPX, besides boosting carrier’s ARPU through increased SMS traffic."

First Data, Tyfone Partner for MicroSD-based Mobile Payments
"First Data Corporation has announced an agreement with Tyfone to provide SideTap micro secure digital (MicroSD) memory cards equipped with Tyfone’s patented technologies to enable most mobile phones with a memory slot to function as a mobile contactless payment device.

Unlike solutions that are tied to specific merchants or financial institutions, the MicroSD card powered by Tyfone technology lets the card work like an actual mobile “wallet.” The card can contain financial information and secure identification from multiple sources, such as specific retailers or financial institutions in both open-loop and closed-loop scenarios."

With Mobile Model Playing Well in India, Citi Turns to U.S.

"A mobile payments business model Citigroup Inc. tested in India has proven a hit among all the key players, even wireless carriers.

Observers have often said that U.S. carriers, well known for maintaining strict control of their hardware and pricing, would be unwilling to support payments chips in their phones without a cut of the transaction revenue. But bankers are reluctant to share these fees, and the India test offers a viable alternative: subsidizing the cost of the phone.

Though Citi executives stressed that paying for phones is not part of their long-term strategy, analysts said the idea could give mobile payments enough of a short-term boost for the technology to gain critical mass among consumers. Citi has taken a similar approach in the past to persuade consumers to adopt new technology." >> Continue Reading

Mobile Banking Updates - Dec 9

Exponential growth in US mobile banking activities reported
"The report refers to the comparison between two consumer research assignments conducted in May 2008 and June 2009. With two report one year apart, it is possible to draw some conclusions on changes in behaviour. The report concludes (amongst others) "exponential growth seen among the younger generations" in using their mobile for banking and also payments."

Obopay Turns Mobile Phones into Banks
"Computer scientist Carol Realini was planning to take early retirement after Chordiant Software (CHRD), a customer-relationship management software company she chaired, went public in 2000. Relishing her newfound freedom, Realini went on a social-action mission to Africa. The experience was eye opening, to say the least: In the Democratic Republic of Congo (formerly Zaire), she saw people haul sacks of devalued currency to local vendors to buy scratch cards that would provide a few minutes' calling time on their mobile phones."

World Economic Forum honors Obopay as 2010 Technology Pioneer!
"Obopay is one of 26 companies from around the world to be honored with this prestigious award. In addition, Obopay is one of only 11 companies in the Information Technologies, Telecommunications and New Media category and is the only financial services provider receiving the award."



USAA Cited for Pioneering Mobile Banking Applications
"American Banker, the leading information resource serving the banking and financial services community, has named USAA CEO Joe Robles as its 2009 "Innovator of the Year." The announcement was made today in the publication's 2009 Banker of the Year Awards issue. While many technological innovations come from India, China or Silicon Valley, this year's top banking innovation was created in a lab in San Antonio."

ClairMail Partners With Mitek Systems to Deliver Integrated Mobile Deposit Capability for Bank Customers
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced a strategic partnership with Mitek Systems, Inc. (OTCBB: MITK), an innovator of image analytics and mobile document capture applications. ClairMail will integrate Mitek's Mobile Deposit® application into its own mobile banking and payments platform, which powers the mobile banking services of many of the nation's top financial institutions. With Mobile Deposit incorporated into the ClairMail platform, financial institutions will have the ability to provide consumers faster availability to funds and an extra level of convenience."

Citi's Mobile Picture to Get Sharper
"After years of evaluating a wide range of mobile banking applications separately, Citigroup Inc. is starting to link the pieces together. Citi has teamed up with at least five technology partners to figure out what banking services people really want to access with their mobile phones, and how to make it happen. Marylou Dowd, a senior vice president with Citi Mobile, said the massive company's separate divisions have been operating on their own, forging their own vendor relationships to develop different mobile tools. But in recent months Citi has tried to consolidate its efforts, culminating this summer in a reorganization of its Internet and mobile groups."

Shopping by Mobile Phone Picks Up on Black Friday
"This year may go down as the period that shopping by mobile phone during the holidays came into its own. Black Friday saw greater use of mobile phones by consumers to zero in on and make purchases, industry data reviewed by Dow Jones show. From a very small base last year, mobile online payments through PayPal surged nearly 650%."

Mobile Banking Updates - Nov 15

Buddy, Can You E-Mail Me 100 Bucks?
"What if you could send money to that friend who loaned you $20 last week by using your mobile phone rather than having to go through the trouble of trekking to the ATM or mailing a check? All you'd need would be your buddy's e-mail address or cell number—and presto. Folks in Japan and Europe can already do that. Soon Americans will, too. Studies show that U.S. consumers, particularly the younger set, have embraced the convenience of online shopping and e-banking and are now ready to move to the next frontier: person-to-person mobile payments. A recent poll by Mercatus, a financial consulting firm, showed that the proportion of people ages 26 to 34 who had used a cell phone to buy goods or pay for a product or service had doubled, to 14%, in the past year."

ViVOtech Partners with Citi in Largest Global NFC Pilot
"ViVOtech has announced that its NFC mobile payment wallet, Over-the-Air (OTA) provisioning, smart posters, coupon delivery and redemption technologies have been successfully deployed in Citi Tap and Pay, a pilot service that brings to India next-generation contactless credit card payments based on this emerging technology. Launched in July in the city of Bengaluru in India, Citi Tap and Pay is one of the world's largest and most comprehensive NFC mobile payment pilots."

Misys Changes the e-Banking Game With ClairMail Mobile Banking Partnership
"Misys plc, the global application software and services company, today announces its new partnership with market-leading mobile banking and payments solution provider, ClairMail, significantly enhancing and extending its mobile banking solution, Misys Mobile. Through a close integration of both companies' solutions, and together with its online portal platform, Misys can now offer its customers a complete range of e-banking solutions including the latest mobile banking technologies appropriate for any customer segment. With the addition of ClairMail, Misys Mobile can now deliver SMS-based services, web-based mobile banking, and its unique SmartClient downloadable applications, all in its banking customers' own branding."

Banks hold key to mobile financial services in developed markets – Fundamo
"Banks, not mobile operators, are pivotal to the rollout and mainstream uptake of mobile financial services in developed markets like the U.K., according to mobile banking platform provider Fundamo. 'There is no technical reason why consumers in developed markets can't get mobile financial services. It is up to the banks,' said Aletha Ling, chief business development officer and executive director at Fundamo. 'It will only take one bank to do it, and do it well, for it to be successful,' she commented to Total Telecom in London on Tuesday."

Nokia Money to go commercial in Q1 2010
"Nokia's mobile banking and payment service is expected to be commercially available in its first market in Q1 2010, although the Finnish handset manufacturer is unable to divulge any details about the location as yet. According to Teppo Paavola, vice president, general manager of mobile financial services, Nokia cannot talk about the service until it has fully confirmed details about which bank it will partner with in any market: the service requires a banking licence before it can be launched."

RBS launches Mobile Banking App
"WORRIED that beleaguered RBS bankers might lose your money and go cap in hand looking for another taxpayer funded government bail out? Well now there’s an App for that. Part state-owned RBS has now launched an iPhone App to allow customers to keep an eye on their finances – just months after announcing the biggest banking loss in British history."

NatWest launches m-banking iPhone app
"he app allows customers to check their account balances, recent transactions and manage their money on the move using iPhone. The new app is one of a number of helpful initiatives the Bank is developing to bring customers closer to their finances on a 24/7 basis. Today's launch re-enforces NatWest's commitment to offer our customers more advanced mobile banking services. Recent research showed that consumers are interested in more sophisticated mobile banking facilities, with a quarter being interested in money transfers between bank accounts, a further quarter being interested in receiving fraud alerts and 24% said they would like to pay in cheques without visiting a branch."

A Battle for Deposits Helps Fuel Bank Interest in P2P Payments
"Mercantile Bank of Michigan has an answer for observers who want to know why financial institutions are starting to show an interest in person-to-person payments. It comes down to competition for deposits, says John Schulte, senior vice president and chief information officer at the bank, which will introduce a commercial service in the first quarter that will let customers with smart phones transfer funds to other individuals."

Kony Mobile Finance Now Available for Banks and Credit Unions

Mobile Banking Updates - Oct 11

Verizon Backs Android
"A year after Google introduced its Android operating system on T-Mobile, the smallest of the major wireless carriers in the United States, it announced a deal to offer handsets with Verizon Wireless, the nation’s largest carrier. The carrier said Tuesday it expects to introduce two Android phones this year. It didn’t name the manufacturers, but one is expected to be made by Motorola. In addition, Verizon and Google said they would work together along with manufacturers to design handsets specifically for Verizon’s network."

Will Bank of America Propel Mobile Deposit to Mainstream?
"Bank of America Corp. is planning to test a service that would enable customers to deposit checks electronically with mobile phones, a move that could transform a niche application into a mainstream offering. B of A is not the first to offer mobile remote capture to consumers, but when the anticipated test kicks off this year it will almost certainly be the biggest, and that kind of market clout could prompt other banks to follow suit, according to analysts."

Mobile Wallet: Can your phone replace your wallet?
"Whether scanning a cell phone to purchase a bullet train ticket in Japan or buying cattle in sub-Saharan Africa, the ubiquity of mobile phones is revolutionizing traditional banking and commerce. Gartner estimates by the end of 2009, 74.4 million people will use mobile devices to purchase goods and services worldwide, and will double by the end of 2012 . DoCoMo's Japanese consumers have been buying mass transit tickets and vending machine goods via cell phones for ten years."

Amazon launches mobile payment service
"Amazon Payments today launched a new service that brings the company's payment processing tools to mobile devices. Amazon Mobile Payments Service (MPS) includes a set of APIs (application programming interfaces) that allow mobile developers and merchants to provide payment options to their customers within mobile Web sites and applications--including the convenience of Amazon's 1-Click checkout system."

The Mobile Payment Conundrums: To Chip, To Store, To Bank?
"The payment strategy struggles for Mobile-Commerce continue, with retail IT execs seeing the phone as a future “Get Out Of Interchange Jail Free” card in an elaborate game of Card Brand Payment Monopoly. Some see future secure chip-integrated phones as the answer, a way that moves payments away from Visa and MasterCard and permits a secure way to tap directly into a consumer’s bank account."

Exclusive: Dell’s Android phone is coming to the U.S.
"Remember the Dell Mini 3i, Dell’s China-only Android phone? Well it’s not China-only anymore. Rumor has it that Dell will bring the Mini 3i to the U.S. in the next few months to compete with other Android phones coming down the pike from HTC, Samsung, and Motorola. The phone, presumably still in its Chinese trade dress, felt “cheap and plasticky, like the Pre,” according our tipster. He believes it will be upgraded for the American market."

Eye on Opportunities in Expedited Bill Pay And Mobile Banking
"Two research reports released on Wednesday point up emerging opportunities in mobile banking and same-day bill payments, particularly for financial institutions. Banks and billers alike will have to be careful how they price so-called expedited bill payments, or those electronic payments that post with billers on the same day. These 11th-hour payments, which consumers typically make to avoid stiff late fees, now carry an average fee to the consumer of $8.18, according to Pleasanton, Calif.-based Javelin Strategy & Research, which released its 2009 Expedite Payments Forecast report."

Citi the first to launch mobile banking functionality in Spanish
"Citibank announced the launch of Citi Mobile en Espanol that allows customers with Spanish language preferences bank in this language from their smartphones. Customers can manage their accounts, pay bills, locate Citibank branches and more - all from the convenience of their cell phones. Citibank is the first major U.S. bank to offer mobile banking in Spanish."

It's safe to use your phone for banking, experts say
"When I'm out shopping, I often check my account balances with my cell phone to avoid possible overdrafts. I access my account information through my phone's Web browser or send a text message to my account to get my balance. Like many people, I have become so accustomed to using my cell phone for just about everything that I didn't think about any security risks linked to mobile banking. But it got me wondering: Am I putting my financial security at risk by accessing my banking information with my phone?"

Mobile Banking Updates - Aug 13

Consumers Want Person-to-Person Payments Services From Banks
"CashEdge has announced results from its fourth annual Consumer Online Banking Survey saying it 'demonstrated an increasing demand for simple, secure person-to-person (P2P) payment services and the preference by consumers to get these services from their financial institution, rather than an independent service such as PayPal. Conducted annually by CashEdge, the study examines the behavior and preferences of more than 850 consumers nationwide aged 18 years and older who use online banking capabilities.'"

Monitise Strikes Partnership to Extend 'Mobile Money' Across Africa and the Middle East
"Monitise, the world's leading mobile banking services provider, is extending its business further into Africa and the Middle East with a joint venture with Paynet, an electronics payment company. The agreement, signed in principle, combines the strengths of Monitise and Paynet to give millions of people access to banking and financial services on their mobile phones."

Wallet of the future? Your mobile phone
"The mobile phone is staging a coup. Some analysts say that within five years, mobile phones in the United States will be able to make electronic payments, open doors, access subways, clip coupons and possibly act as another form of identification. These futuristic uses for phones are becoming reality in countries like South Korea and Japan, which typically are ahead of the United States when it comes to mobile technology."

Fundamo, Clickatell Partner to Deliver Mobile Banking Solutions to Global Financial Providers
"As emerging economies continue to pioneer the adoption of mobile banking, two leading mobile services providers, Clickatell and Fundamo, have partnered to deliver mobile banking solutions to financial services institutions to help fulfill what will become a US$5 billion opportunity in the next three years, according to McKinsey & Company."

Lots of Fail With CitiBank’s New Mobile Web Site
"Citibank, the fifth largest U.S. bank in deposits, recently launched a mobile web site. Read more about it on the bank’s promotional page. This should be good news. Most of the other big banks launched mobile web based online banking sites a couple years ago."

Mobile banking, what it is and how it works
"Some time ago people could not imagine that they would use wireless handsets to perform banking operations. Today it is something ordinary if you send an SMS message to inquire your account balance at your bank. Mobile banking while not yet available or at least affordable in many countries of the world is wide spread among bank consumers in developed nations."

How can one get excited about an iPhone image of a check?
"As part of my job, I am regularly exposed to great innovations in the mobile banking domain. Recently, when I read about the USAA iPhone application (Read here and many, many more places), I first thought someone was pulling my leg."

Credit Union Center Offers Mobile Banking
"CO-OP Mobile allows credit union members to access their accounts using their mobile phone. Utilizing CO-OP’s Next Generation Network, the mobile application provides secure, encrypted transactions without storing personal information on the members phone."

ClairMail Powers Mobile Banking for Veridian Credit Union
"The ClairMail mobile banking solution will enable Veridian Credit Union members to access their accounts via multiple modes on a single device, empowering them with greater control over their personal finances. Members can perform a variety of activities including checking account balances, transferring funds and viewing their transaction history."

Mobile Banking Poised for Rapid Growth
"A new report from IDC Financial Insights emphasizes that banks need to prepare themselves today for the imminent wave of mobile adoption to avoid being left behind by competitors. The study indicates that while current economic conditions may have curtailed both consumers' demand for mobile banking and banks' willingness to invest in it in the short term, things are still moving forward."

Mobile Banking Updates - Aug 2

Will the Apple Tablet be the ultimate portable netbook ever?
"Rumors about Apple Tablet device are everywhere last few days. Some say it will be released late this year, some say early 2010. But no one really knows other than few people at Apple.

But all in all Apple Tablet promises to be the ultimate device to consume the digital content on the go through a web-centric operating system. It is set to feature a 9.7-inch touchscreen, will include a camera and a microphone like the iSight on MacBook and MacBook Pro, and will have the anytime and anywhere Internet connection."

Javelin: U.S. Consumers’ Interest in Using Mobile Person-to-Person Payments Grows Rapidly, Threatening Slow-Moving Banks
"Javelin Strategy & Research today released a report that indicates financial institutions must act now to implement person-to-person mobile solutions before carriers capture the market. The report, Mobile Person-to-Person Payments: Mounting Telco Activity in a Mobile Channel Segment That Financial Institutions Can’t Afford to Lose, also reveals that conditions are growing ripe for potential widespread consumer use of mobile devices to send payments between one another: smartphones are now used by 17 percent of consumers, mobile banking is used by many, and use of the internet for banking and shopping has been common for years. These are just some of the conditions that have created an increased likelihood that consumers will soon begin to use mobile person-to-person (P2P) transfers."

Chinese Firm Writes First SMS Worm
"It’s a pretty cool concept, abusing the Symbian Express Signing procedure. It reminds me of the heydays of self-propagating e-mail worms when corporate e-mail servers were getting flooded because everyone in the company was sending the same attachment to everyone else in their address book."

Islamic Finance and Mobile Banking: Could, Would, Should
"Islamic Banking has developed rapidly over the last 30 years. Islamic Banks have proliferated in number and in geographic reach, with services now offered regularly on four continents. A number of innovative, successful financial products have also been developed, enabling Shariah compliant bonds, mortgages and savings accounts."

Traditional Texts Hang Tough in a Sea of Innovation
"Even in mobile banking, traditions die hard. While smart phones get exponentially smarter and app stores burst at the seams like FAO Schwartz in December, banks and consumers are not only still using basic text messaging-the mode is maturing to mainstream status."

ClairMail Sees Record 700% Year-Year Increase
"ClairMail, Inc., the leader in proactive mobile banking and payment solutions, today announced that its core product, the ClairMail Solution, has experienced over a 700 percent year-over-year increase in monthly mobile banking transactions. ClairMail's success continues to outpace the mobile banking industry, which experienced a six-fold usage increase in 2008, according to recent published reports."

Wells Fargo Introduces Online Same Day Payments
"Wells Fargo & Company (NYSE:WFC - News) today announced the nationwide availability of its newest online bill pay feature, which allows customers to make “just in time” online bill payments to merchants, such as utility, auto finance and mortgage companies. The service helps customers avoid missing payments or making late payments. According to Javelin Strategy & Research, nearly three out of four consumers initiated expedited payments last year and use is expected to continue to rise in the next five years."

One in 63 Smartphones Infected by Mobile Spyware and Malware
"The study of 1,958 smartphones revealed infections by Spyware, Viruses Worms and Trojans, as well as hundreds of unlicensed software programs installed on the handsets reviewed. A comparison of these statistics to the worldwide smartphone population places the number of infected devices globally into the millions. Because the vast majority of these infections are designed to be stealthy and the fact that few smartphones posses Anti-Malware applications, most infected users are completely unaware their devices have been compromised."

Citibank Launches Citi Mobile(R) For Smartphones
"Checking your account balance or paying a bill used to involve a trip to the bank, and in recent years, logging on to your home PC. Today, Citibank is making banking easier than ever for its U.S. customers by expanding its mobile offering to smartphones, including most BlackBerry(R) smartphones, Palm(R) devices and iPhone(TM)( )mobile devices. Now, more Citibank customers can access and manage their bank accounts -- anytime and anywhere -- via their smartphone's mobile browser."

Mobile Banking - Citi

Mobile Banking Microsite - Citi



Citi-SK Telecom Venture Expanding
"Mobile Money Ventures LLC, a mobile banking and payments joint venture between Citigroup Inc. and the South Korean wireless carrier SK Telecom, expects to launch its services in six more Asian countries by yearend. Steve Kietz, the company's chief executive, said he expects it to go live in Singapore late in the third quarter and expects "two or three more installations" in North America."

Mobile Banking Updates - Jun 28

Mobile Money Ventures Teams With Citibank To Launch First Browser-Based Mobile Banking Offering In The Philippines
"Mobile Money Ventures, LLC (MMV), a leading global solutions provider of the next generation of mobile financial services, today announced it has teamed up with Citibank to offer the first browser-based mobile banking solution of its kind in the Philippines. Citi Mobile Banking allows customers to securely manage their banking needs from their mobile handsets at any time and from any location."

AdMob Unveils New Research on Demographics and Behavioral Characteristics of iPhone and iPod touch Users
"AdMob, the world's largest and fastest growing mobile advertising platform, today released new research on the demographics and behavioral characteristics of iPhone and iPod touch users in the US. This research determined that while there are many similarities between users of the two devices, key differences in the demographic makeup of each group exist in areas such as age and household income."

A Financial Services Technology Group is Developing Standards for Mobile Payments

Mobile Banking Update: What's New from Bank of America?
"Bank of America was one of the first institutions to move toward mobile banking in a big way. Two years into the initiative, Doug Brown, SVPO of Mobile Product Development, discusses:
* Mobile trends at BoA;
* Security hurdles the institution has faced;
* Advice for other institutions now getting into mobile banking."

Mobile Banking Updates - Mar 5

Verisign brings extra security to the iPhone
"Worried that someone could steal your online identity, financial assets or data when you sign into accounts on the iPhone? Then Verisign’s free VIP Access app may be just what you’re looking for. VIP Access, now available in the Apple App Store, adds an extra layer of security on top of online accounts. To do this, it produces a temporary security code that remains valid for only 30 seconds — during which time you must sign into the online account in question. Actually, it’s a three step process:"

Citi and Visa in Singapore m-payments trial
"The pilot, to begin in May, will see up to 300 Citi M1 Platinum Visa cardholders given a Nokia 6212 classic handset. Participants can make purchases of up to S$100 at over 750 merchants by waving the NFC-enabled mobile phones over a contactless reader at the point of sale."


New Features in iPhone OS 3.0 will Help Banking Apps
"Apple's new iPhone operating system was announced last week. There are more than 100 new features that will make the phone even more valuable plus 1,000 new APIs to keep developers innovating like mad. The new OS will be available 'this summer.' Most changes are relatively minor, but two are significant for online banking and personal finance apps:"