Fiserv unveils 'fast track' mobile banking system

Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today introduced Mobile Money FastTrack, a straightforward mobile banking solution that can be rapidly deployed by financial institutions.

Mobile Money FastTrack, a streamlined version of the flagship Mobile Money(SM) solution introduced by Fiserv in 2008, delivers essential mobile banking features within an affordably packaged solution that can be enhanced as the mobile channel matures.

Mobile Money FastTrack can provide "triple play" technology that enables consumers to access their accounts using any of the three primary mobile access modes: mobile browser, SMS (text messaging) or a downloaded application. The solution combines banking and payments capabilities, and includes functions such as balance inquiries, transaction history, account transfers, bill payments and one and two-way account alerts. Informational services such as an ATM and branch locator are also included.

Available in an in-house or hosted version, Mobile Money FastTrack is a licensed solution targeted toward mid- to large-sized financial institutions. The solution is pre-integrated into select Fiserv banking products, and mobile browser and SMS-based mobile banking functionalities can be implemented within 90 days for many financial institutions. Mobile Money FastTrack features around-the-clock deployment support and utilizes security best practices such as data encryption, along with additional risk management safeguards.

"The business value enabled by mobile financial services will evolve as consumers adopt financial products and services that can be delivered through their mobile devices," said Stessa Cohen, research director, Gartner, Inc. and co-author of the April 2009 report "Evaluating Vendors' Ability to Support a Mobile Financial Services Strategy." "Banks should evaluate mobile financial services technology based on their capability to support not only current functionality, but also enterprise mobile financial services functionality and future technology requirements. Creating an enterprise mobile financial services strategy that serves both short-term and long-term business goals will enable the bank to keep pace with functional development as well as volatile market dynamics."

Rather than simply duplicate online banking capabilities, Mobile Money FastTrack is designed to address the specific needs of mobile banking users via features such as two-way account alerts. Additionally, the exclusive RenderRight(TM) technology utilized by Mobile Money FastTrack automatically customizes the user interface for the consumer's mobile device, enabling the financial institution to reach any consumer, on any network, on any device. The available downloaded application technology also supports mobile banking on high profile devices such as BlackBerry(R) smartphones and the Apple(R) iPhone(TM).

Mobile Money FastTrack offers both online and offline enrollment capabilities. These multi-channel enrollment capabilities attract more customers to the mobile channel. Once enrolled in mobile banking, customers have been shown to turn to the mobile channel for inquiries more often than higher cost contact centers and branch operations.

"In the current economic environment, financial institutions are being strategic about their investments. For those institutions looking to implement a mobile banking solution, Mobile Money FastTrack from Fiserv provides an affordable solution that can be up and running quickly, without consuming a lot of internal resources," said Todd Lesher, president, Electronic Banking Services, Fiserv. "Financial institutions that implement Mobile Money FastTrack can begin realizing a return on investment from day one as consumers are diverted from more costly channels. In addition, institutions can have peace of mind knowing they are positioned to capitalize on future growth in mobile banking."

Mobile Money FastTrack from Fiserv incorporates technology from Atlanta-based M-Com Inc. M-Com and Fiserv announced their technology partnership in September 2008 under the label Mobile Money from Fiserv. Mobile Money is the industry's most complete mobile banking and payments solution, supporting consumers on all three mobile access modes, offering online and offline enrollment capabilities and integrating with core banking, online banking and electronic payments systems. By leveraging the combination of M-Com's BankAnywhere solution and Fiserv's technology assets such as online banking, electronic billing and payment, and fraud management tools, Fiserv delivers to financial institutions a complete end-to-end suite of multi-channel financial services.

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