Fundamo, a mobile banking services firm, has entered an agreement with S1 Corporation, a provider of customer interaction software for financial and payment services, to integrate its technology with Postilion transaction management software, with the aim of creating new revenue streams for banks.
Under the terms of the agreement, Fundamo’s integrated software will be offered under Postilion warranty, support, and licensing agreements. The integration with S1 means that two mobile application offerings can be deployed in conjunction with Postilion. The first is targeted at the individual or end-user, the second at businesses.
The mobile application for individuals offers, among other functions, mobile banking, person-to person payments, prepaid purchases such as airtime and electricity, bill payments, and alerts of activities on underlying accounts. Mobile-based authentication and card mobile enablement – where card features such as blocking a card are made available on the phone – are also on offer.
The mobile application for businesses, meanwhile, consists of business mobile banking, vending (airtime, prepaid electricity, ticketing), bill collections, cash on delivery payments, and business-to-business payments.
Aletha Ling, Fundamo’s head of global sales and marketing, pointed out that By enabling banks’ customers to do transactions not possible previously or by providing them with a more convenient way to transact, the new agreement between Fundamo and S1 will allow the benefits in the huge growth in the mobile phone market to be translated into solid profit for all banks that would deploy such a solution.