The release heralds a turning point in the mobile banking industry. Until now, bank-branded iPhone applications have been the privilege only of big-spending, large banks. However, thanks to its world-class technology, Monitise Americas can now build iPhone apps quickly and cost effectively, enabling mobile banking for many more financial institutions than previously possible.

A recent survey by Banc Investment Group1 found that mobile banking services are a top priority for community banks looking to provide new ways to interact with their customers and secure a competitive advantage.

Monitise Americas' advantages lie in its scalable, modular approach to mobile banking, which provides a highly customizable offering to financial institutions of all sizes wishing to enter the mobile space. They can choose to offer customers a broad range of services - from basic account information and alerts delivered via SMS to more enhanced functionality delivered via mobile browser or branded iPhone app.

Since its launch, the iPhone has triggered rapid growth in mobile banking and commerce among mainstream, mass market users as well as early adopters. The PyraMax Bank app, available now at Apple's App Store, is the latest addition to this suite of services.

The PyraMax Bank app also follows hot on the heels of the recent announcement from Monitise plc, parent company of Monitise Americas, that it has processed over 20 million mobile app banking inquiries and transactions in the past six months.

Soren Bested, managing director of Monitise Americas, said, "Clearly smartphone apps are significantly affecting the way consumers manage their finances, and Monitise Americas intends to deliver this trend to anyone who wants to take part."

"We firmly believe that mobile banking should be for everyone and offer something unique to the consumer. Our model of using existing banking infrastructure to offer services via the mobile device provides inclusivity for all financial institution segments. We also take advantage of the mobile device's unique capabilities to offer the services consumers want right now and to lay the rails for mobile commerce down the line."

Monitise Americas currently provides Mobile Money services to over 200 banks, credit unions, and prepaid issuers around the United States. It intends to deliver applications to other app stores including Google's Android Market and RIM's BlackBerry App World.