22 February 2017
visit nextgenbanking.co.uk

Lloyds TSB introduces mobile funds transfer

24 September 2008  |  10524 views  |  0 D600 mobile

Lloyds TSB is adding new functionality to its mobile banking service that will enable customers to transfer funds between accounts using their handsets.

The bank is already one of several in the UK that provide SMS-based mobile services to customers, such as text alerts and balance information. But it is thought that Lloyds TSB is the first to introduce mobile funds transfer services to customers.

Users of the new service can transfer money between Lloyds TSB current and instant-access savings accounts. Customers can also set up SMS alerts to warn them when their current account balances reach, exceed or fall below certain levels.

Lloyds TSB says it is introducing the funds transfer service in response to customer demand. The bank cites research conducted by ICM which shows that 60% of UK adults want to be able to keep tabs on their accounts using their mobile phone, while 53% would like to move money between accounts. Over a third say being able to manage their money in this way would help them to keep a closer eye on their finances.

"Many customers are already used to the idea of keeping tabs on their bank account using a mobile phone, but we're launching the next generation of mobile banking that allows people to stay in real control of their money wherever they are," says Catherine McGrath, director of current accounts, Lloyds TSB. "Just as Internet banking has taken the country by storm over the past decade, mobile banking is now set to change the way we mange our money."

The new service also includes an overseas transaction alert system. Subscribers will receive an alert if their debit card is used to withdraw cash from a cashpoint or to make a purchase abroad. The application also lets users top up pay as you go mobile phones directly from their current accounts.

Lloyds TSB says its mobile services meet international security standards, with customers required to enter a six digit pass code before they can view or move money between their accounts.

The service costs £2.50 a month, although student account holders will be able to get it free until October 2009. The bank says its premier and private banking premier account customers will also receive the package free of charge.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mobile banking and payment users to reach 900m in 2012

Mobile banking and payment users to reach 900m in 2012

30 May 2008  |  15873 views  |  0 comments
M-banking set to grow in Western Europe - Celent

M-banking set to grow in Western Europe - Celent

09 May 2008  |  9144 views  |  0 comments
Lloyds TSB offers mobile phone number back-up service

Lloyds TSB offers mobile phone number back-up service

20 February 2008  |  10953 views  |  0 comments
Lloyds TSB launches SMS 'limit alert' service

Lloyds TSB launches SMS 'limit alert' service

11 September 2007  |  8393 views  |  0 comments
Lloyds TSB touts text alert service

Lloyds TSB touts text alert service

30 June 2005  |  8559 views  |  0 comments
LLoydsTSB launches text alert service

LLoydsTSB launches text alert service

20 December 2004  |  6653 views  |  0 comments
Lloyds TSB introduces mobile top up at ATMs

Lloyds TSB introduces mobile top up at ATMs

19 October 2004  |  8982 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit Yelloco.co.ukVisit contisgroup.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18425 views 11 comments | 54 tweets | 91 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8685 views comments | 17 tweets | 15 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
8548 views comments | 47 tweets | 64 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7280 views comments | 36 tweets | 33 linkedin
Standard Chartered connects corporate customers to WeChatStandard Chartered connects corporate cust...
5955 views comments | 17 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job