Telefonica Germany is to launch a mobile banking service using white-label technology supplied by Fidor Bank.
Slated for launch in Germany in late summer, 02 Banking will use Fidor's cloud-based infrastructure for its back-end technology. It will onboard customers using a video link for documentation checks via smartphone and permit P2P account transfers from the mobile-only account using the recipient's phone number.
The account comes with an 02 MasterCard for cash withdrawals and shopping, and a financial planning tool to provide an overview of spending.
Under the partnership, Fidor Bank provides 02 with a banking licence that is valid throughout Europe, along with individual customer, card and transaction services.
"This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank", says Matthias Kröner, CEO of Fidor Bank AG. "Our collaboration gives customers the best of two digital worlds: quick and easy banking services via a mobile app, combined with innovative additional services from their O2 mobile contract."