The banks are the first in the UK to sign up to provide banking services over the MoniLink secure network. The system will enable HSBC and first direct customers to check bank accounts and recent transactions and purchase air time from their hand sets.

To use the service, consumers need to download an application onto their phone. As with online banking, once registered and authenticated, customers will have secure access to their accounts, wherever they are.

Richard Kimber, chief executive of first direct, says: "We see MoniLink as the natural next step for mobile phone banking, offering a snapshot of your finances whenever you need it, day or night."

The HSBC and first direct m-banking services will go live on the network later this year.

Duncan McIntyre, chief executive of Morse, says the Monilink service can be used by multiple banks and the firm is experiencing increasing levels of activity and interest in the network from other financial services firms.

Morse shares rose 7.50 pence to 107.25 pence on the news.