Telefonica to launch mobile bank with technology from Fidor

Telefonica to launch mobile bank with technology from Fidor

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."

Comments: (2)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 12 May, 2016, 15:25Be the first to give this comment the thumbs up 0 likes

Great to see Fidor's API based banking being recognised.

Adedeji Olowe
Adedeji Olowe - SystemSpecs Limited - Lagos 07 December, 2016, 19:40Be the first to give this comment the thumbs up 0 likes

Banking as a service - platform, APIs, license!

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