Fiserv Announces Mobile Money FastTrack

Fiserv, Inc., a worldwide leading provider of financial services technology solutions, announced on Monday the introduction of Mobile Money FastTrack, a new mobile banking solution that offers fast deploying in financial institutions. According to the company, the Mobile Money FastTrack is a new version of the Mobile Money solution launched last year, and can provide essential mobile banking features at affordable prices, while also allowing for enhancements as the mobile channel evolves.

Mobile Money FastTrack provides “triple play” technology, allowing users to access accounts via a mobile browser, SMS (text messaging) or a downloaded application. In addition, the solution includes both banking and payment capabilities, as well as balance inquiries, bill payments, transaction history, account transfers, or one- and two-way account alerts. The solution is available either as an in-house or a hosted version, and comes pre-integrated into Fiserv banking products, while the implementation of mobile browser and SMS-based mobile banking features won't take longer than 90 days, says the company. In addition, the solution also benefits from around-the-clock support and uses security best practices.

“The business value enabled by mobile financial services will evolve as consumers adopt financial products and services that can be delivered through their mobile devices,” said Stessa Cohen, research director, Gartner, Inc. and co-author of the April 2009 report “Evaluating Vendors' Ability to Support a Mobile Financial Services Strategy.” “Banks should evaluate mobile financial services technology based on their capability to support not only current functionality, but also enterprise mobile financial services functionality and future technology requirements. Creating an enterprise mobile financial services strategy that serves both short-term and long-term business goals will enable the bank to keep pace with functional development as well as volatile market dynamics.”

According to the company, the Mobile Money FastTrack has been developed so as to fulfill all the needs of mobile banking, including two-way account alerts. At the same time, it comes with the RenderRight technology, which customizes the user interface for the mobile device. The application available for download supports devices like BlackBerry smartphones and the Apple iPhone. The solution comes with both online and offline enrollment capabilities, which are meant to make clients choose the mobile channel for inquiries rather than opt for contact centers and branch operations.

“In the current economic environment, financial institutions are being strategic about their investments. For those institutions looking to implement a mobile banking solution, Mobile Money FastTrack from Fiserv provides an affordable solution that can be up and running quickly, without consuming a lot of internal resources,” said Todd Lesher, president, Electronic Banking Services, Fiserv. “Financial institutions that implement Mobile Money FastTrack can begin realizing a return on investment from day one as consumers are diverted from more costly channels. In addition, institutions can have peace of mind knowing they are positioned to capitalize on future growth in mobile banking.”