SunTrust to Enhance Services via Fiserv's Mobile Money

Fiserv Inc., one of the top providers of solutions for financial services technology, has announced its collaboration with SunTrust Banks, Inc., through which the latter is set to use the Mobile Money application from Fiserv in order to offer their clients a wider access to their mobile financial services. In addition to the existing application available for SunTrust's clients, accounts will be accessible by SMS, as well as through mobile browser technology. Clients will be able to benefit from a wide number of account alerts by signing up.

“The selection of Mobile Money from Fiserv is another step toward the fulfillment of our overall mobile financial services strategy,” said Ginger Schmeltzer, senior vice president, SunTrust Bank. “It is important to offer each of our clients the ability to easily access their account regardless of the type of mobile device they use. We also want to enable clients to more proactively manage their accounts through customized account alerts. Mobile Money will allow us to deliver both robust access and a rich set of alerts.”

Mobile Money is not the first collaboration between the two companies, as SunTrust already uses bill payment solutions and consumer online banking applications from Fiserv. Amongst others, the Mobile Money application uses technology from Atlanta-based mobile banking and payment solution provider M-Com. Fiserv's Mobile Money is one of the most complete and reliable solution used for mobile banking and payment on the market, able to provide online and offline enrollment capabilities, integration with core banking, as well as supporting users on all mobile access modes.

Mobile Money is available in two versions, licensed or hosted. Fiserv's application has both banking and payment capabilities, including functions like transaction history, bill payments, account transfers, balance inquiries or one and two-way account alerts. The use of data encryption, along with other risk management safeguards, makes the Mobile Money application form Fiserv one of the most secure mobile banking apps on the market.

“SunTrust has a solid reputation for providing reliable service,” stated Todd Lesher, president, Electronic Banking Services, Fiserv. “Mobile Money from Fiserv will enable SunTrust to make interacting through the mobile channel even easier for their clients, and there is potential for a substantial return on investment as use of the channel grows.”