Nov 17, 2010
Fundtech launches corporate mobile banking platform
By Robin Arnfield, News Editor
Fundtech Ltd, a NASDAQ-listed developer of transactional banking software, has launched Mobile ACCESSplus, a mobile platform designed specifically for corporate electronic banking. George Ravich, Fundtech’s Executive Vice President and Chief Marketing Officer, tells Canadian Treasurer that the platform currently works with Blackberrry and Apple wireless devices as well as devices running the Android and Microsoft mobile operating systems.
“The game-changer for corporate mobile banking is the advent of tablet-sized wireless devices,” Mr Ravich says. “Every consumer electronics manufacturer which makes mobile phones is now working on launching tablet devices.”
UK-based Royal Bank of Scotland is the first bank to deploy Mobile Accessplus with its corporate clients. Mobile ACCESSplus will be available in the US market in early 2011, Fundtech says.
The platform is accompanied by three mobile applications, which a bank’s corporate users can download from an app store to their wireless device: Global CASHplus-Mobile, a cash and liquidity management system based on Fundtech’s desktop PC-based Global CASHplus platform; Accountis EIP-Mobile, an electronic invoice presentment system; and Bacsactive-IP–Mobile, a system used for UK automated clearing house (BACS) payments.
“We will be developing a North American version of Bacsactive-IP-Mobile,” Mr Ravich says. “As regards Accountis EIP-Mobile, it is very useful for executives to be able to send invoices electronically from their wireless devices to their customers.”
Mobile ACCESSplus handles issues such as the interface between the wireless device and the bank’s back-end system; connectivity with the mobile communications network; and data security. “Mobile ACCESSplus puts a digital certificate on the user’s wireless device,” Mr Ravich says.
Fundtech commissioned a global survey by US-based banking consultancy Aite Group to determine corporate treasury executives’ attitude to mobile banking. “Aite found that 65 percent of treasury professionals surveyed are interested in using basic mobile banking services,” Mr Ravich says. “Two other findings are interesting. Firstly, Aite discovered that 56 percent of survey respondents are willing to use more advanced mobile banking features such as initiating or approving a payment from a tablet device. Also, 49 percent are willing to pay their bank for providing mobile banking services, which is good news for banks considering an investment in mobile technology. There is a perception among treasury professionals that mobile banking adds value to the services that their bank gives them.”
Ravich says that mobile banking services enable corporate treasurers to stay in control of their company’s payment processes even when they are travelling. “If a bill needs to be approved for payment, it is very convenient if the treasurer can view it on his Blackberry and click the ‘pay’ command,” he notes.