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 The mobile phone has become one of the world’s most extensively used devices. What started as a gadget 10 years ago is now an essential part of everyone’s life. The take-up of mobile phones has been phenomenal and many high-tech companies are searching of new ways to utilise it in other areas. To harness the success of the mobile phone Compass Plus has developed a number of ways to use the device in the financial services sector.
TranzWare Mobile is a secure technology that is able to effectively drive m-Commerce. The system enables a truly wide range of banking transactions via a standard mobile phone. These include but are not limited to:
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Information services: balance enquires, mini statement request, viewing list of last transactions, card/account status request, card limits information, exchange rates information, other account/card information (various rates (APR, AER, etc.), fees, charges, payment schedules, credit and overdraft limits, etc.) |
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Fund transfers |
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Payments (personal, one-off payment, periodic, deferred, etc) |
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Payments to mobile service providers, ISPs and other vendors |
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Payment for physical goods and services |
In addition to the above functions Compass Plus offers MobiCashATM™, a solution driving a cash withdrawal functionality by means of a mobile phone. It allows any bank customer to withdraw cash using just a standard mobile phone without any modifications performed either to a handset or SIM card (although other approaches are available). Cash withdrawal transactions require neither a bank card, nor any physical contact with the ATM. The transaction is initiated by a mobile phone holder with a help of the m-banking service enabled by TranzWare Mobile. After receiving the phone holder’s instructions and running a special authentication procedure, the system transfers the request for a cash withdrawal of a specified amount to the ATM.
In contrast to existing solutions on the market, TranzWare Mobile is independent of an interaction channel and thus, offers a broad range of transaction initiation and response means, including SMS (over SMTP and SMPP), IVR, WAP and other facilities for interaction with external hosts and systems.
In addition to mobile banking services, a mobile phone can also be used as an event notification device for bank customers as well as bank personnel. For example, within ATM Monitoring subsystem of TranzWare Online, maintenance personnel can be notified of the ATM states and problems via a mobile phone and within TranzWare Fraud Analyzer risk officers can receive various alerts.
With regards to customer notification, TranzWare Post Pay, for example, can provide preparation, formation and forwarding of notifications on key events via SMS (new bills received, bills overdue, bills paid, etc) and TranzWare Online can send various transaction confirmation messages and SMS receipts (the system also offers SMS enquiries processing). Moreover, there is an option where a Phone Banking customer can receive a copy of voice messages in the form of an SMS.
TranzWare Secure Gateway was developed to specifically address problems of securing Card-Not-Present transactions made via Internet and Phone Banking. In line with Secure IDs, the product allows a financial institution to design customer authentication schemes and/or authorise transactions by means of dynamic SMS passwords (using SMPP, although SMTP is also supported). TranzWare Secure Gateway sends an SMS containing a randomly generated PIN-code to the user. If the user does not key this PIN code in a specified time or enters it incorrectly then a new PIN has to be requested. This method of authentication is inexpensive and easy to deploy as the means of authentication (a mobile phone) is already owned by the user. This way the product allows any client application, for example TranzWare Internet Banking – remote internet banking solution or TranzWare Online FIMI – web interface to resources of a remote processing centre, to authenticate a user by simple yet secure means.
A mobile phone can also be used as an identifier. For instance, a subscriber’s mobile phone number can be used as an additional identification (security) means if a mobile phone is used to access Phone Banking service.
To discover more about the ways of utilising mobile phones in financial services please contact us. |
