MMV Hooks Into Android

First offering of its kind in the banking industry opens new opportunities for financial institutions and carriers

June 23, 2008

2 Min Read

LAS VEGAS -- Mobile Money Ventures LLC (MMV), a joint venture of Citi and SK Telecom today announced that its solution for mobile financial services is compatible with Android™, a software stack for mobile devices that includes an operating system, middleware and key applications. Google™ and other players have collaborated on the development of Android through the Open Handset Alliance, a multinational alliance of technology and mobile industry leaders. This offering will enable financial institutions and carriers to offer customers the ability to use a comprehensive set of mobile financial services on Android-powered mobile devices.

As mobile devices continue to get more sophisticated, financial institutions (FIs) and carriers have the opportunity to enhance customer loyalty and enrich customer experience by delivering innovative applications, such as mobile banking. The Android-compatible application developed by MMV is such an application. It allows FIs to deploy mobile banking applications quickly with a platform that allows end users to use their mobile device to pay, track and manage finances – and take advantage of vendor rewards programs created specifically for wireless users.

Using their Android-enabled mobile device, end users will be able to easily download the financial application that will enable them to transfer money, check their accounts, get branch information, and carry out a Person-to-Person (P2P) transfer. Users will also have access to a stock monitoring feature that allows for real-time trading, portfolio management, and real-time market information. Other features include tracking receipts and expenses and a variety of payment functions.

“We are working closely with our financial institution and mobile carrier customers to deliver a secure, customizable product that will get to market quickly – and help transform the customer’s experience,” said Steve Kietz, CEO of Mobile Money Ventures, and executive vice president of Growth Ventures and Innovation for Citi’s Global Consumer Group. ”Mobile banking will revolutionize the industry in the next few years much the way ATM machines did in the 1980s. By capturing the power of Google’s Android software, our mobile banking platform will set a high standard for this emerging use of wireless technology.”

SK Telecom (Nasdaq: SKM)

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