A new mobile banking service, MoBank, is set to launch on 6 July 2009, which uses txttrans’ innovative transaction fee services platform.
MoBank - the brainchild of Steve Townend (ex First Direct and Egg) and Dominic Keen (ex Egg) - is a brand new mobile banking service that 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 completely 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 all sorts of things using MoBank, like 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. Soon, services will be launched that let users manage their money, pay bills, make person-to-person transactions, and transfer money between accounts – all from a mobile phone. MoBank is also planning additional services such as a birthday / special date reminder alert, and a budget tracker to help you keep on top of your spending. More information on new services will follow in summer 2009.
Russell Sheffield, CEO of txttrans, says: “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, says: “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.”
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The people behind MoBank are former First Direct and Egg bankers, Steve Townend and Dominic Keen. It is privately funded and is based in Odiham, Hampshire (UK).
Watch this space – people are already talking about MoBank: in 2008, it won a Red Herring 100 award for the best startups in the world; and it won the Oxford University Saïd Business School Venture Fund Competition 2008.
MoBank believes that: it exists to make life easier for the people that use it, and to save people time by providing banking services on the move. A real alternative to existing banking services.
It is possible to be successful by being straight with customers, and treating them fairly (something the banks could do with remembering every now and again). Happy customers will be what makes MoBank a success.
For more media information, or to speak to Steve Townend of MoBank, or Russell Sheffield of txttrans, please contact:
Tel: +44 771 406 5233
Images are available on request.
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