Fiserv introducing Mobile Money solution

A new mobile banking and payments platform known as Mobile Money was recently introduced by Fiserv. Earlier Fiserv released a survey showing that nearly 75% of US customers would consider using mobile banking services if offered, up from the 49% who expressed a willingness to try mobile banking services in a similar survey conducted in March 2006.

The system powered by technology developed by New Zealand-based Mobile Commerce Limited (M-Com) supports all three mobile access modes - short messaging service, (SMS), wireless application protocol, (WAP) and downloaded mobile applications.

The platform is equipped with online and offline enrolment features and can be integrated with core banking, online banking and electronic payments systems.

A major concern for those who have not yet adopted mobile banking is security. 72% of the polled expressed their worry about the security of accessing financial data using wireless devices. Yet 82% of respondents state that they will subscribe for the mobile security text messages that would alert them of password changes and other access changes, while 79% would sign up for account balance alerts. Cost was the second-most cited concern (48%) about mobile banking services.