Mobile Banking

 

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MoBanking

What is Mobile Banking?
Mobile banking, also known as SMS banking is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. Mobile banking is most often performed via SMS or the Mobile Internet.

What is Mobanking?
The Bank’s Mobile Banking application.

How does the application work?
Customers will request account information using text messaging and the Banks will respond in like manner. LIME will provide the service. Customers can set up alerts so that they are automatically notified if transactions are performed on their account or if their balance goes above or below a specified threshold amount.

Customers can also log into mobile banking using any internet enabled device (computer, laptop or mobile phone) and perform banking transactions.

What is required to set up a mobile account?
Customer is required to fill an application form which will be processed by a member of staff with administrative access to the Mobile Banking Application. The account is built through the “Customer Maintenance” Menu

Is the account password driven?
There will be a user ID, and a temporary password. After, the initial login, the user will be required to change his/her password.

What is required to delete the service?
Deletions, changing of passwords etc, are done under the "Customer Maintenance" menu by the Administrator.
Passwords can also be changed by the customer through Account Settings if he/she is logging in through the internet.

If at all possible, accounts should be CLOSED and not DELETED. When an account is closed the customer history remains, if it is DELETED the account history is also deleted.

What criteria are used to link accounts with applicants?
CIF. Once an account is built, the customer will have access to all accounts where he/ she is the primary account holder.

Does this include accounts that require 2 signatures to transact?
Only if that person is the primary account holder.

To mitigate the risk of unauthorised transfers, such accounts should be given a different CIF prior to building the MoBanking Account.

Can the secondary account holder access his /her accounts using MoBanking?
The CIF number on an account in Core Director belongs to the primary account holder, at this time; there is no mechanism to identify other parties to an account.

Are there different levels of access?
There is the ability to set up customer user roles that limit a customer to making inquiries or to give or not give access to bills pay.

All customer functions are managed through the user role on each user ID. The user role is on a User ID level as opposed to an account level.

Is this product suitable for both personal and corporate banking?
Yes. To manage the risk of unauthorized transfers on business accounts the user role on such accounts should be set for enquiry only. The application can only accommodate one user per business accounts/business CIF.

Can parameters be set to view only?
Such a parameter will be defined on the user role. It cannot be set on a per account basis.

Is there a limitation on the number of accounts one can access?
No - This is defined by CIF.

Is there a limitation on the account type? Savings, Chequing, Merchant, Fixed Deposits, Loans.
No.

Can funds be transferred between accounts of different currencies?
No.

What reports are available?
There are reports available for every function. However other reports such as # and name of current users can be created by MIS using data base software, MySQL.

MIS will develop administrative reports as the needs are identified and communicated (by Accounts, Marketing, Electronic Banking Services, other).

Can several phones be linked to the same account by the same user?
2 phones can be linked to each account. If 2 phones are linked to the same account, once an alert is setup, it will be sent to both phones.

How will the information move from CORE and vice versa to the customer’s phone?
Via an interface (programme).

Who is responsible for the security?
1ST NATIONAL BANK is responsible for securing the site. VERISIGN will be used to certify the security.

Can funds be transferred between accounts of different currencies?
No. Also, funds cannot be transferred to and from fixed deposits. Funds cannot be transferred from a loan or a mortgage but can be transferred TO a loan or TO a mortgage.

What are the software components?
Digital Certificate Licence.
MySQL Licence.
NAVICAT
Mobile Earth Package.
Interface.
Firewalls.

What are the hardware components?
2 servers. SMS Line from LIME.

What type of phones are required for this product to work?
WAP 2.0 - Wap 2.0 phones guarantee end to end encryption on the same level (or higher) as standard internet banking practices. WAP 2.0 was introduced to the market in June 2003. As of January 2005, the last WAP 1.x phone was ever sold in the market (made and sold in Korea). T-Mobile estimates that all WAP 1.x phones will be obsolete by mid-2008 as there hasn't been one sold in over 3 years.

Wireless Application Protocol (WAP) is an open international standard for applications that use wireless communications. Its main use is to enable access to the Internet from a mobile phone or PDA.

A WAP browser provides all of the basic services of a computer based web browser but simplified to operate within restrictions of a mobile phone, such as its smaller view screen. WAP sites are websites written in, or dynamically converted to WML (Wireless Markup Language) and accessed via the WAP browser.

Can the Mobanking Application be accessed through a PC or a MAC?
Yes. Any internet enabled device (computers, laptops, PDA’s and phones) can access mobile banking and perform banking transactions.

Can this product work with phone providers other than LIME?
Not at this time.

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