MFoundry, an award-winning mobile application platform provider, today announced a formal agreement with wireless leader Sprint (NYSE: S) that will bring mobile banking and financial services to Sprint customers with Vision or Power Vision phones, enabling them to check their bank balances, transfer funds between their accounts, make bill payments and more, with participating banks.
mFoundry's Spotlight Financial Platform will be used to deploy a tightly integrated, single-point solution that supports security features including multi-factor authentication, encryption and the ability to deactivate the application remotely.
The Sprint Spotlight mobile banking solution will include services from a number of financial institutions, including Citibank. In addition, VeriSign Inc. (NASDAQ: VRSN), the leading provider of digital infrastructure, will leverage its expertise in secure content delivery to host participating banks within Sprint's mobile banking solution.
Critical to Sprint's adoption of the Spotlight Platform was a desire for a secure and well-rounded, customizable solution for subscribers and financial institutions in addition to banks. Designed as an extensible platform that can accommodate future services such as brokerage, stored-value, coupon and payment solutions, Spotlight is an important feature on Sprint's roadmap for moving beyond mobile banking.
"Offering our Sprint customers a way to quickly check their balance and manage their banking account anytime, anywhere on the Sprint National Network, is just another example of the power of mobility," said Mike Coffey, vice president, user experience and emerging products, at Sprint. "Mobile banking is an excellent complement to the many other data applications that we offer, including music, video, navigation and more, that make customers' lives more productive and enjoyable. And the Spotlight solution allows us to offer a distinct, flexible solution for financial institutions as well as mobile subscribers."
mFoundry has integrated its existing mBanking product into the Spotlight Platform, and all of its current mobile banking customers will be included in the Sprint Spotlight mobile banking solution. Banks using Spotlight to deliver full-service mobile banking will allow customers to check account balances, search for transactions, transfer funds, receive and pay their bills, and find ATMs and branches. The application will allow financial institutions to control the look, feel and experience associated with their specific service. Other financial institutions can use the Spotlight Development Platform to create their own customized applications that can be accessed from within the Sprint Spotlight solution.
"We are extremely pleased to continue working closely with Sprint on important initiatives like this," said Drew Sievers, mFoundry's CEO and Co-Founder. "Their adoption of our Spotlight Platform demonstrates the market's need for a solution that offers an equitable solution for operators, banks and customers."
"We are pleased that Citi Mobilesm, Citibank's mobile banking service, will be available on all compatible Sprint mobile devices through this partnership," said Steven Kietz, business manager for Retail Delivery North America Enhancement Services and e-Commerce at New York-based Citi.