According to the banks, the service will offer 24-hour access to balance enquiry and transaction statement services, allowing a new generation of customers to bank on the move.
Before being able to access the service, HSBC customers will have to download specially designed secure software from MoniLink onto their handset, which must also have internet access.
Commenting on the launch, First Direct's chief executive Chris Pilling said: "The launch of MoniLink supports our drive to give customers the widest choice of ways to control their money.
"We are now the first to introduce this pioneering mobile phone banking service, which allows consumers to top up a mobile as well as check their account balance."
Mobile phone banking is already available in several countries around the world, including South Africa and Japan.