Payments technology specialist Petra Financial’s Touchstone Mobile Banking (TMB) solution, launched in London in late-March, has got off to a flying start with its adoption by banking group HSBC and UK foreign exchange broker Caxton FX.
Aimed at developed market consumers, TMB is designed to operate on smart phones such as BlackBerry and Apple’s iPhone and iPod Touch and, claims Petra Financial, has simplicity of use as a key feature.
“Today’s mobile banking solutions are quite difficult to use, often badly designed and just put people off,” said Petra Financial marketing director, John Burton.
“Touchstone Mobile is the opposite and we can now really say it is time to go mobile.”
TMB also boasts extensive functionality which includes:
• Transfers between accounts;
• Release of payments created on a portal or another device;
• International money transfers to accounts and stored value cards;
• Transfer of funds from multi-currency stored value accounts to stored value credit cards;
• Transfer of balances between stored value credit cards;
• Accessing bank account details; and
• Investment data and news feeds.
HSBC now offers TMB as a component of its Managed Payments Service, an outsourced transaction, connectivity and data integration solution offered to banks and corporates since September 2008.
Underscoring Burton’s comments, Paul Nixon, senior product manager, financial institutions, global payments and cash management for HSBC Bank in Europe said: “What we really liked about Touchstone Mobile was the ability to customise it exactly as our clients need.
“In this way, we are be able to deliver a strikingly simple and effective client branded application that needs little or no training”.
With its adoption of TMB, Caxton FX views the service as an additional feature to offer users of its CaxtonFX Mastercard, a prepaid debit card designed for use by UK businesspeople and holidaymakers while abroad.
“Petra Financial has helped us deliver a new solution with Touchstone Mobile,” said Caxton FX CEO Rupert Lee-Browne.
“The solution enables clients to use their smart phone to check currency market rates, check the balance on their CaxtonFX Mastercard, see card transaction details and statements, load money and transfer funds between accounts.”