mobile banking

On Monday the Wall Street Journal reported a glitch in the mobile banking app provided by Citi for iPhones which makes the sensitive information to be stored on the devices or PCs. After this report Citigroup Inc provided a statement where it said that the glitch had been fixed.

Citi spokeswoman Natalie Riper said on Monday its U.S. Citi Mobile iPhone banking program may have also saved account information on personal computers that customers hooked up to their phones.

 Visa Inc. has announced its intention to invest £6.6 million in London-based mobile banking and payments service provider Monitise plc to increase its stake to 14.4%. Earlier the company has announced that the existing agreement with Monitise was prolonged to 2015. 

Last June Visa invested $13 million in the company by signing a 5-year strategic agreement called "Global Alliance Agreement". Under the agreement Monitise was to develop technology to provide SMS alerts and secure payments to 2 billion clients of Visa worldwide. 

Skyline's DirectFED Payment Solutions, the first business-centric processor performing Remote Deposit Capture (RDC) for businesses has teamed up with Mitek Systems Inc., an innovator of image analytics and mobile document capture applications, to offer DirectFED Mobile™ powered by Mitek. This new product offering provides a fast, secure and most-importantly easy form of depositing checks in the bank by simply taking a photo of the check with an iPhone™, BlackBerry™ or other smartphone device.  

Citi and AT&T have partnered for a new card offering to allow customers earn a $50 bonus savings credit on a new AT&T Universal Savings and Rewards Card between June 29, 2010 and August 15, 2010. Consumers who open a new AT&T Universal Savings and Rewards Card will receive a $50 bonus savings credit when they spend $50 or more within the first three months of becoming a cardholder.

A provider of mobile banking and payments solutions ClairMail, Inc. has been selected as the "Best in Class" company by Javelin Strategy and Research in their new "2010 Mobile Banking Vendor Analysis" report. Javelin invited a number of companies including ClairMail to participate in the mobile banking report. The research firm awarded ClairMail the highest number of points in each evaluation category.

Wells Fargo has launched a new mobile banking application for Android based phones as well as for BlackBerry and Palm phones. Now customers of Wells Fargo can select mobile banking services that best suit their needs from a menu of options on Wells Fargo's newly expanded Mobile Banking Resource Center.

ClairMail has partnered with CashEdge for providing financial institutions with the ability to implement CashEdge's Popmoney through the ClairMail platform. Under this partnership clients of ClairMail will be able to provide their customers with a consistent mobile banking and P2P payments experience.

Financial institutions will be able to offer their customers to send payments by using the email address or mobile phone number of the recipient. They can also brand the Popmoney™ mobile experience.

Diebold, Incorporated, a United States-based security systems corporation, has implemented its MobiTransact at Alpine Bank of Grand Junction, Colo.

The new solution offered by Alpine Bank to its clients features easy integration, high-quality channel without requiring a large upfront expense or adding the complexities of daily management and maintenance.

Apart from the goal to remain competitive with larger financial institutions Alpine Bank selected Diebold's MobiTransact for its wide range of offerings, including bill payment applications.

A global provider of financial services technology solutions Fiserv Inc reported the extension of its partnership with SunTrust Banks, Inc. which decided to select Fiserv’s Mobile MoneyTM.

Sun Trust will thus be able to provide its clients with access to mobile financial services. SunTrust will use Mobile Money to enable clients to access their accounts using SMS (text messaging) or mobile browser technology, complementing a separate downloadable application that is already available. Additionally, clients will be able to sign up for a variety of account alerts.

Firethorn Holdings, LLC, a Qualcomm company, has announced the expansion of its mobile banking platform to enable consumers to manage their checking, savings and credit card accounts with more than 3,700 US financial institutions by using a single mobile solution.

MShift, a US mobile banking provider, is suing Intuit subsidiary Digital Insight Corporation and users of its mobile banking technology platform. The lawsuit was filed with the United States District Court in the Northern District of California. Community Trust Financial Corporation and Community Trust Bank are named as co-defendants.

The filing alleges that the mobile banking technology Digital Insight is providing its customers, such as Community Trust Bank, infringes on a 2005 MShift patent.

A recent report from Global Industry Analysts reveals that the customer base for mobile banking across the globe will achieve 1.1 billion by 2015 with the convenience of operations and lower transaction costs being a main driving factor for the ubiquitous adoption.

The analysts also think that among other important factors to influence the growth of the technology use there are such as growing demand for microfinance, mobile remittances and micropayments services from the unbanked population in developing countries.

Wells Fargo & Company continues its long tradition of educating consumers by sharing fraud prevention tips today that coincide with new findings of the 2010 Identity Theft Survey Report from Javelin Strategy & Research, an independent industry research firm.

Monitise is targeting the social networking market with the introduction of its mobile money app for Android phones.

The company reports that the application will be downloaded for free from the 'Android Market' and will be compatible with all Android devices.

Using this application customers will be able to access full package of Monitise services including bank account balance enquiries, mini statements, transfers between accounts and bill payments.

CIBC made its Mobile Banking App available for the iPhone App Store. The App gives CIBC clients the flexibility to use their iPhone or iPod touch to check account balances, transfer funds, pay bills and even send INTERAC Email Money Transfers. This way CIBC becomes the first major bank in Canada to offer a mobile banking App for iPhone.

Customers can also use GPS technology in the Mobile Banking App to help clients find their nearest branch or ABM based on their current location.