VeriSign Aids Mobile Banking

Company reports strong global customer demand for real-time secure account access on mobile devices

April 14, 2009

2 Min Read

MOUNTAIN VIEW, Calif. -- VeriSign Messaging and Mobile Media, a division of VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure for the networked world, today announced continued momentum in the financial services market as leading global financial institutions continue to leverage VeriSign(R) Mobile Banking to provide customers with real-time secure account access on mobile devices.

VeriSign continues to see Short Message Service (SMS) as the preferred medium for mobile banking in North America and abroad with financial services customers driving a 96 percent increase in messaging traffic from Q4 2007 to Q4 2008. VeriSign is currently working with six out of the top 10 largest banks in North America, three of the top five credit card issuers, and global leaders in online payment and remittance solutions. Financial institutions such as U.S. Bank, Fifth Third Bank, and Huntington National Bank are using VeriSign's mobile banking services to improve the overall banking experience for their customers through mobile banking alerts and other value-add mobile services.

In addition, VeriSign continues to see increased adoption of its mobile banking services in global markets. Specifically, a major bank in India relies on VeriSign to power its mobile banking and alerting services in more than 129 countries globally. These include one-way services such as withdrawal alerts, checking and salary deposit confirmations, account statements, and credit card transaction alerts, and two-way services such as balance inquiries, utility bill payments, and salary deposit inquiries. This growth in mobile banking services is in line with the broader adoption that VeriSign has seen with its A2P enterprise applications. With VeriSign Mobile Enterprise Services (VMES), the company has seen a 114 percent increase in the total number of messages delivered year-over-year with nearly one billion messages in 2008.

"Mobile banking is transforming access to financial services in both developed and emerging economies," said TowerGroup senior research director, Virginia Garcia. "In the U.S. alone, TowerGroup projects that the number of active mobile banking users will more than triple by 2010 to 20 million. Driving factors include new demands for mobility from the Generation Y and unbanked customer segments, as well as the rapid maturation of mobile technology that enables new and unique service value to customers."

VeriSign Inc. (Nasdaq: VRSN)

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