FFIEC News

FFIEC Compliant Mobile Banking Product By mFoundry

(Jan 09, 2007)--mFoundry, provider of mobile application platform formally released their mobile banking product. Offering rapid deployment and broad device coverage, the mBanking product provides financial institutions with the most flexible and comprehensive mobile banking solution in the industry.

The mBanking product enables full online banking functionality with security on par with web banking best practices. Compliant with FFIEC guidelines for multi-factor authentication, mBanking enables full online banking functionality such as account information and transaction retrieval, fund transfers, bill payment, branch location information.

mBanking supports nearly 200 North American mobile handsets; over 120 with the necessary security support for full-service mobile banking. Its OFX interfaces provide for easy bank integration; partnerships with leading internet banking, payment, and core processing solutions help banks leverage existing interfaces.
mBanking lets banks configure the application to their specific needs without requiring Java or BREW mobile development experience. Banks can also manage the available functionality and make updates on the fly without requiring the user to reinstall their application.

“We designed our mBanking product as an open solution that is bank and carrier friendly. It allows us to serve the full spectrum of banks and provide the end customer with the best possible user experience,” said Drew Sievers, mFoundry’s CEO and co-founder. “Large banks want to own the customer relationship and provide a consistent branded experience – our solution offers just that. To serve mid-size and smaller banks, we have fostered key partnerships to extend sales reach and to speed up the integration process.”

Support for SMS and WAP will be released in early 2007. Advanced features such as brokerage support, pre-paid and stored value management, P2P payments will also be introduced.

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