The concept of mobile banking is basically equivalent to informational services. Most of today’s applications are focused on displaying less sensitive information regarding accounts along with various widgets such as GPS locating of branch offices and ATM’s, etc. These kind of services are easy to implement as they don’t require a security layer within the mobile application. Transactional services require an extra security token, either in the mobile banking solution or via pre-settings in the internet bank.
Using Accumulate’s security client, the mobile phone becomes an authentication tool. By being able to establish the users’ identity, transactional services such as bank transfers, invoice payments and stock and fund trading can be added to the service offer. Consequently, the mobile phone becomes a direct access channel to the account meaning that the bank customer can pursue the same actions as in a branch office, via IVR or through the Internet channel.
The mobile channel for all banking services
With the Accumulate technology, methods and processes, all informational and transactional services becomes mobile. Add mobile payment when needed.
Transactional services examples
* Inter/intra bank transfers
* Person-to-person money transfer
* Bill payments
* Cash withdrawal from ATM using mobile
* Money vouchers
* Stock/fund trading
Information services examples
* Balance statement
* Transaction history
* Online and purchase alerts
* Fraud warning alerts
* Offers
* ATM/branch locator
Security is key
* Direct authentication of the User by the Issuer; in real time and for every transaction.
* No storing of sensitive information in the mobile device.
* Two-factor authentication (2FA), via application authorized to the User and protected by pin. 3FA possible by adding for instance voice, behaviour or face recognition.
* Secured against phishing and man-in-the-middle attacks.