New Product Launches
Sprint introduces new mobile banking application
On 29 September 2008, Sprint Nextel, a telecommunication and technology company, launched a new mobile banking application called MyMoneyManager to send money to friends and family from Web-enabled Sprint phones, accessing bank accounts using PayPal.
Vice President of wireless and wireline services for Sprint, Len Barlik, said "With MyMoneyManager, Sprint customers can take advantage of the ultra-fast speed and usability of the Now Network for on-the-go access to their financial accounts that is secure and easy-touse."
Source: Datamonitor
Obopay selects The Bancorp Bank to issue prepaid payment cards
“The Bancorp is focused on our commitment to change the way America pays, and we are excited about this partnership with Obopay.”
Jeremy Kuiper, Managing Director of the Payment Solutions Group, Bancorp Bank
Obopay, a provider of mobile payment services, has selected The Bancorp Bank, a provider of private label banking services for the issue of prepaid payment cards linked to Obopay mobile payment accounts.
Managing Director of payment solutions group at The Bancorp Bank, Jeremy Kuiper, said “The Bancorp is focused on our commitment to change the way America pays, and we are excited about this partnership with Obopay. Our goal is to simplify payments for consumers and Obopay's mobile product offerings give cardholders the accessibility they need to manage funds anywhere and at anytime of day."
Source: Datamonitor
Global Payments launches new mobile payment processing service in Asia-Pacific
On 19 September 2008, Global Payments Asia-Pacific, a joint venture between HSBC and US-based Global Payments, introduced a GPRS-powered mobile payment service called Global MobilePay.
Managing Director of Global Payments Asia-Pacific, Ian Courtnage said "Global Payments has always been trusted with superior payment processing, and now with Global MobilePay our merchants are empowered with the best-in-class solution to accept card payments virtually anywhere."
Source: Datamonitor
“The Sri Lankan remittance market is growing rapidly with migration of Sri Lankans to newer geographies.”
Prem Thampi, Country Head – ICICI Bank, Sri Lanka
ICICI Bank Sri Lanka launches remittance card
On 2 October 2008, ICICI Bank Sri Lanka, a financial institution, announced the launch of a remittance card. Denominated in Sri Lankan Rupee (LKR), the remittance card is reloadable for funding, and can be used at over 1,000 VISA affiliated ATMs and merchant establishments in the country with no additional charges. The credits linked to remittances are only allowed in the card account, and can also be used by customers who do not have an account with ICICI Bank in Sri Lanka.
Country Head – ICICI Bank, Sri Lanka, Prem Thampi, said “The Sri Lankan remittance market is growing rapidly with migration of Sri Lankans to newer geographies. At ICICI Bank, customer convenience is utilised as a strategic tool across all our business lines, and the launch of remittance card is all about maximi sing convenience and benefits to both the remitter and beneficiary.”
Source: Daily Mirror
Apple Bank to provide remittance services to retail customers
On 09 September 2008, Apple Bank, the third largest savings bank in New York State, announced that it would be providing worldwide remittance services using Remit Worldwide(SM), a private-label global remittance services solution offered by Bank of New York Mellon. Remit Worldwide(SM) is a robust private-label solution that enables customers of client banks to remit funds directly to beneficiaries overseas.
Senior VP and Head of Retail Banking, Apple Bank, Jim Matera, said “Providing services that respond to the broadest possible range of customer needs is key to our competitive strategy. We are confident that our customers will welcome what we are calling AppleGram(SM) and the opportunity to carry out remittance transactions in a secure, convenient banking environment.”
Source: The Bank of New York Mellon
Lloyds TSB launches money transfer by mobile
On 27 September 2008, Lloyds TSB, a leading British financial institution, announced the launch of a new service to transfer money between accounts through mobile. It will also provide additional mobile services such as alerting customers when their debit and credit cards are used overseas, balance information of card, top-up pay-as-you-go phones and checking of last six transactions. The fee-paying Premier and Private Banking Premier account holders will receive this service for free, while student account holders can avail the service for free till October 2009. The other account holders would be charged £2.50 a month for the service.
Director of current accounts, Catherine McGrath said "Technology is evolving at lightning speed, and with these changes come new demands from our customers and new possibilities for products and services to meet their needs. Mobile banking is set to change the way we manage our money."
Source: The Guardian
TransferOrbit Introduces Portable Money Transfers
On 26 September 2008, TransferOrbit, an electronic intermediary for money transfer providers launched portable money transfers throughout the TU-DNRO event network. The network provides distributors such as Dance-Concert Promoters, Flea Market Vendors, Catering Truck Vendors, Mom & pop Mexican Stores and others, with products such as wireless e-pins, long distance, stored value, prepaid debit/credit and bill payment. Registered members of the service would be able to transfer funds to any place via the phone, using the debit card. The service would enable customers to execute the same money transfer transaction at any participating agent of a money transfer company or bank powered by TransferOrbit without repeating the registration process.
President and CEO, Jorge Toro said "Much like credit or debit cardholders, a money transfer customer with TransferOrbit Membership can now use his or her membership at a broad network of agents and benefit from competitive fee discounts offered by many money transfer companies and banks. Any money transfer agent or bank can compete for these customers by becoming a member of TransferOrbit's network, and benefit from additional profit when a customer uses the membership across the network."
Source: TransferOrbit Corporation
Visa and U.S. Bank to launch Visa Mobile Money Transfer Pilot
On 25 September 2008, Visa Inc., a retail electronic payments network providing processing services and payment product platforms and U.S. Bank, lead bank of U.S. Bancorp, announced the launch of a mobile money transfer pilot programme by the end of 2008. Initially, the pilot service would enable a registered Visa cardholder to transfer funds to another Visa cardholder's account within the US, by using a mobile web browser to access a secure interface. Based on the success of this pilot test, a second pilot phase is expected to extend the programme to include cross-border transactions during the first half of 2009.
Global Head of Product, Visa Inc., Elizabeth Buse, said "With more consumers relying on their mobile devices to simplify their everyday lives, Visa has a significant opportunity to streamline and secure the way people send and receive money. Through our business network of more than 16,000 banks and 1.6 billion cards in market, Visa can enable secure and convenient mobile money transfers, both domestically and cross-border."
Source: Visa Inc.
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