Obopay, the pioneer in mobile money solutions, today announced an agreement with the STAR Network through which Obopay will incorporate the Star Expedited Transfer Service - which enables real-time transfers between Star accounts - into its own Mobile Money for Banks offering.
STAR is a First Data company and a leading debit network.
The agreement enables Obopay to offer the industry's only mobile money transfer solution with real-time capabilities that places the demand deposit account at the center of the transaction. The STAR Network offers transaction speeds that are not possible with Automated Clearing House (ACH) transfers, which often take several days to process. With this service, financial institutions can offer a fast, secure and convenient way for their customers and members to send and receive money using their mobile phones.
STAR issuers that receive STAR POS transactions already support STAR Expedited Transfer transactions, which makes it easy for participating financial institutions to add mobile money services without the need for core banking system integration. STAR member financial institutions are eligible to offer their customers the ability to initiate both outbound and inbound Expedited Transfer transactions, so STAR cardholders can send funds to their own or other people's STAR accounts as well as pull money from their STAR cards into another account.
Mobile Money for Banks by Obopay allows banks to deploy their own bank-branded mobile money services. Designed to make bank accounts the anchor for mobile money transactions, the service combines complete brand control and a full range of mobile transactions and applications with simple low-cost integration and deployment. Mobile Money for Banks includes the ability to send and transfer money and makes payment card acceptance available to everyone. The offering gives financial institutions the opportunity to quickly bring to market branded smart phone, Blackberry and iPhone applications, as well as Mobile Internet, SMS and IVR services, and a full range of website capabilities. It can be implemented in 30 days or less. Deployment costs are low because Obopay leverages banks' existing payment and online mobile banking systems - which now incich now include the STAR Network - and processes without the need for an overhaul of the core banking system.
"Combining the STAR Expedited Transfer Service with Obopay's Mobile Money for Banks enables exactly the sort of convenience and security we had in mind when we developed our offering," said Julie Saville, vice president, STAR Network. "The joining of these technologies will allow consumers to securely send and receive funds with the immediacy they expect from their mobile phones, and it will enable financial institutions to quickly and easily bring the service to market."
"Demand is increasing for person-to-person mobile money services, but the speed and agility consumers experience in the mobile world are not consistent with ACH," said Michael Diamond, senior vice president of business development for Obopay. "By working with STAR to integrate their Expedited Transfer capabilities into our offering, we can provide banks with a quick and easy way to offer these services to their customers. This service also sets us apart from other mobile payment providers as the only solution in the industry to offer real-time transfer capability that makes the bank's account the anchor for mobile transactions."