Mobile banking platform pursuant to the latest standards

[img_assist|nid=8455|title=|desc=|link=none|align=left|width=65|height=100] A banking application complying with Google's new mobile phone operating system, Android, is being developed by Mobile Money Ventures (MMV) - the joint venture set up by Citi and South Korea's SK Telecom.

The new platform is expected to be introduced later this year. Then the banks will be able to provide their consumers with mobile financial services on Android powered handsets.

With Android-enabled cellphones customers will transfer money, check accounts, receive branch information, carry out a person-to-person fund transfers via the MMV application that can be downloaded to their handsets.

Besides, the platform is equipped with a stock monitoring feature that allows for real-time trading, portfolio management, and real-time market information.

"Mobile banking will revolutionize the industry in the next few years much the way ATM machines did in the 1980s. By capturing the power of Google's Android software, our mobile banking platform will set a high standard for this emerging use of wireless technology," notes Steve Kietz, CEO, Mobile Money Ventures.