With BusinessMobile business managers can make payments or view account information - via a secure application stored on the mobile phone - wherever they are working at the time. BusinessMobile can also be configured to send proactive notifications that deposits and payments have been received, or reminders to authorised persons to approve a payment. It provides a secure alternative to business internet banking.
"Cash management is a front of mind for small to medium businesses," says Jacob Jegher, senior analyst, Celent. "Using a mobile banking solution focused on this segment allows banks to add increased value, and improve service to this key target segment of customers."
Fronde Anywhere has recognised that businesses have additional banking needs to retail banking customers, such as the requirement for built-in workflow for payment approval. BusinessMobile ensures that only designated staff can access or transact on business accounts. The solution supports tiered levels of access and authorisation including dual authorisation of payments.
"Small businesses do not have finance departments handling payments to suppliers, or chasing up overdue accounts - usually it's the business owner who does this," says Caroline Dewe, executive vice president, products and marketing at Fronde Anywhere. "Slightly larger businesses may have an in-house accountant but they still require involvement from business managers to authorise a payment before it can be processed. BusinessMobile will send the approver an alert enabling them to log in and approve the payment on the spot."
The information services available to BusinessMobile users include functionality to view company credit card balances and statements in real time; manage funds in multiple currency accounts; view balances; and receive various alerts and notifications. These include notifications when a deposit has been received, and alerts when payments over a certain value are made on a company credit card. Payments services include the ability to transfer funds; enable dual authorisation of payments; approve batch payments; make a one-off payment; and receive text notifications for payments awaiting approval.
In addition to these services, user experience, branding and service options can be aligned with the organisation's own brand - differentiating its business mobile banking solution from competitors' offerings.
BusinessMobile can be implemented as a standalone solution, or on a shared platform with the bank anywhere retail banking modules.