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Mobile Banking

Over the last decade, mobile phone use has become fundamental in everyday life. Today, 99% of the global population use mobile phones, and in developed countries, the mobile phone penetration rate has long exceeded 100% (ITU, 2016). It is predicted that users of mobile banking services will reach 2 billion globally by the end of 2021 (Juniper Research, 2016). This means that to compete in the mass-market, financial institutions must utilise mobile phones as one of the key remote access points to banking services.

Whilst smartphone sales surpassed feature phone sales globally for the first time in 2013 (Gartner, 2014), in the majority of markets feature phone users make up a significant proportion of your customers. Therefore, if your mobile strategy does not include feature phones, it does not include most of your customers. Financial institutions should ensure that their mobile banking solution addresses all their customer needs.

SMS Banking

SMS banking is one of the most accessible and inexpensive ways of providing banking services via mobile phone. SMS can provide information such as account balances and notifications of transactions and many financial institutions successfully implement services allowing their customers to make transactions using SMS commands. TranzWare software products enable fully functional SMS banking: a user can choose different event notification schemes and send SMS commands to perform a variety of transactions. The TranzWare Online Algorithmix functionality makes it possible to breakdown any incoming SMS message and convert it into transfer or payment transactions using any predetermined payment methods (fund transfer between cards, mobile phone top-ups or any other simple payments), balance checks or commands to block cards.

Internet banking for tablets and smartphones

Compass Plus has adapted TranzWare Internet Banking to display information on the screen of these devices in a more effective way. This version of internet banking (mobile version of a website) offers nearly the complete functionality of TranzWare Internet Banking for a PC.  Users can get access to their personalised TranzWare Internet Banking interface in any location within a GSM network supporting data transfers (GPRS, EDGE, 3G, 4G, etc.).

Mobile applications for smartphones, and tablets

Although cost-effective and easy to implement, the mobile version of the internet banking website does not have access to a number of the technical capabilities available on smartphones (for example, the camera). Compass Plus, therefore, has also developed specialised, user-friendly mobile applications which allow mobile users access to extensive functionality (including the capability to use features specific to mobile devices). TranzWare Mobile Banking supports applications for both iOS and Android.

To connect to the TranzWare Mobile Banking server, applications use any available Internet connection encrypted with a 3DES algorithm; it can be GPRS/EDGE/3G/4G or WiFi/WiMAX, which enables access to banking services in any location within a GSM network.

TranzWare Mobile Banking uses the same VTBI protocol as TranzWare Internet Banking for connection with the TranzWare Online server. This makes system management easier (on TranzWare Online no management actions are required to launch TranzWare Mobile Banking), and it provides access to all functions available in TranzWare Internet Banking via a mobile device. TranzWare Mobile Banking utilises the same authentication features of TranzWare Online as TranzWare Internet Banking which saves the user the trouble of remembering different sets of IDs/passwords and having additional tokens.

  • Digital identifier and iPIN
  • Text identifier and iPIN
  • Visa/MasterCard EMV card and its PIN using DPA/CAP technology respectively
  • Certain actions may require a one time password delivered viaSMS or generated using DPA/CAP technology.

As the TranzWare Mobile Banking application is identical to TranzWare Internet Banking in terms of functionality, it is familiar to any user who has used TranzWare Internet Banking and therefore saves time and is easy to become acquainted with.

Functionality

  • User-friendly interface with ability to change settings
  • Geolocation to find nearby ATMs
  • Access to account list, account details and parameters
  • View card list linked to an account and account list linked to a card
  • Enhanced account and card statements with graphs and charts
  • Ability to change card iPIN, change and add card limits and set up notifications for card operations
  • Instant issuance of virtual card
  • View currency exchange rates (official and internal bank rates)
  • Receive notifications and correspondence from the bank
  • Apply for new banking products and services
  • Make transfers between accounts and payments to others (including P2P transfers)
  • Create payment templates for frequently performed transactions
  • Schedule payments (set payment date or recurring payments to a schedule)

For the full set of features, please view the Collateral section

Strengths

  • Vast number of banking operations and services identical to that of an Internet banking system
  • Rich functionality accessible via a wide range of mobile phone models
  • Extensive customisation capabilities
  • Advanced security features
  • Cost savings on data transfers

Technical Requirements

For iPhone application: iOS 7and above
For Android application: Android 4.4and above
Application server (minimum requirements): TranzWare Internet Banking

For more detailed information please contact us directly.