Efficient remote banking services available through mobile channels

Over the last decade, mobile phone use has become essential in most people’s everyday lives. Today, over two thirds of the population use mobile phones, and in some developed countries, the mobile phone penetration rate has long exceeded one per person. This means that to competitively expand in the mass-market, banks need to use mobile phones as a remote banking channel allowing the customer complete accessibility.

Presently, the majority of mobile banking services use SMS delivery to provide information such as account balances and notifications of transactions with many banks successfully implementing services allowing their customers to make transactions using SMS-based commands. TranzWare software products enable the full implementation of SMS banking services. A bank using this software can choose different event notification schemes and send SMS commands to make transactions. The TranzWare Online Algorithmix functionality makes it possible to breakdown any incoming SMS message and convert it into a transfer or payment transaction using any predetermined payment method (fund transfer between cards, mobile phone top-ups or any other simple payments), balance checks or commands to block cards.

However, mobile phone functionality continues to expand and become more PC-like as mobile Internet access speeds increase. This is why Compass Plus believes that Internet banking for mobile devices is the future mobile banking.

MIDlet for Mobile Phones
Currently many mobile phones do not allow easy access to Internet pages. In order not to alienate users of these phone but still cater for smartphone users, Compass Plus has developed MIDlet, which provides all the facilities of TranzWare Internet Banking and adjusts the information display and user interface of feature-limited phones without any loss in functionality. MIDlet uses Java Mobile platform, which is available for all current mobile phone models and smartphones with Symbian, Windows Mobile, Android, RIM Blackberry, Samsung Bada, Maemo (MeeGo).

The connection between MIDlet and the TranzWare Mobile Banking server can be established via any available Internet connection which is encrypted with 3DES algorithm. It can be GPRS/EDGE/3G or Wi-Fi/WiMAX, which enables access to banking services in any location within a GSM network and also enables the ability to use alternative and often cheaper channels of wireless connection. The choice to use an Internet connection rather than SMS transport is deliberate as it allows the user to considerably minimise costs.

TranzWare Mobile Banking uses the same protocol as TranzWare Internet Banking for connection to the TranzWare Online server. This makes system management easier and it provides access to all functions available in the Internet Banking via a mobile phone.

Mobile Banking for PDA
Utilising the advantages of smartphone browsers and large phone screens, Compass Plus has adapted TranzWare Internet Banking to display information in a more effective way, minimising traffic. Presently our PDA version offers near the complete functionality of the full-fledged version of the Internet Banking. Now any smartphone user can get access to their personal TranzWare Internet Banking interface in any location within a GSM network supporting data transfers (GPRS, EDGE, 3G).

For more detailed information please contact us directly.