New mobile banking service goes live

The brainchild of Steve Townend (ex First Direct and Egg) and Dominic Keen (ex Egg), MoBank works with an existing bank account to let users buy and pay for items using a mobile phone.

It works by connecting users, via the Internet on a mobile phone, to a secure transactional payment system developed by txttrans.

Users pre-register a debit or credit card, and receive a secure PIN to access the MoBank service from a mobile phone, so they don't have to enter card details every time a transaction is made.  

The txttrans  system means that no banking data, card details or PIN are stored on the mobile phone itself, so the transaction is secure, even if the mobile phone is stolen. Payments are charged directly to a pre-registered payment card.

MoBank's technology partners are:

·         agencymobile, which has developed the MoBank application

·         NTT Europe Online, which hosts the IT infrastructure

·         Portrait, which provides the CRM platform and database

·         Yodlee, which provides current banking services

·         txttrans, transaction fee services

At launch, users will be able to browse and buy a number of products using MoBank, including cinema tickets, books, flights, flowers and gifts. 

Initially, it will be available on iPhone; soon (within 12 months) versions will be available for RIM, (Blackberry) and Android (G1) phones). Users will also be able to check the balance on a registered card.

The company also plans to launch services that let users manage their money, pay bills, make person-to-person transactions, and transfer money between accounts.

Russell Sheffield, CEO of txttrans, said: "Mobile Internet use is growing at such a pace that within four years, mobile payments and banking will be the norm for an entire generation of people. MoBank and txttrans are right at the beginning of that curve. It's an incredibly exciting time to be involved."

Steve Townend, CEO and founder of MoBank, said: "These days, people - especially the under 30s - expect to be able to run their lives on the move. A mobile phone is the one device most people couldn't do without. Now you can run your banking, shopping and money management from it, too. It's about taking control of when, where and how you want to do things."

By

Robin Langford

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