Petra Financial integrates ID Insurefrom Palm Tree Technology into Touchstone Mobile for total mobile banking ‘peace of mind’

7 April 2009

The addition of ID Insure into Touchstone Mobile now enables Petra Financial customers and end users such as HSBCs MPS customers and CaxtonFX to have total peace of mind when banking or transacting over the mobile phone. The combination of exceptional design and innovation in the usability of Touchstone Mobile is now complemented by simple, smart, and guaranteed authentication that it is the right device, in the right place and held by the right person.

ID Insureâ„¢ 2.0 New Identity Authentication with Insurance Protection is a revolutionary breakthrough in stateless, synthesized multi-factor authentication that protects against a multitude of security threats for total peace of mind and is underwritten by an insurance policy from a leading global re-insurer. ID Insure puts an end to the effectiveness of phishing, pharming, man-in-the-middle, man-in-the-browser, social engineering and data theft.

Touchstone Mobile is a mobile banking and finance application that works on smart phones such as the Apple iPhone, BlackBerry, and other 3G and WiFi phone platforms. Touchstone Mobile combines an exceptional combination of form and function that overcomes the complexity and difficulty of using a mobile device for banking. Its design and simplicity are turning banking and finance truly mobile.

The mobile banking market is set to grow rapidly over the next few years according to research reports published by many renowned analysts. The key elements of mobile banking success are design, ease of use, simplicity, and security. Touchstone Mobile, together with Palm Tree Technology, now combine these features and are uniquely well positioned with bank customers to deliver a mobile banking platform that is a ‘turn-on” and provides ‘peace of mind’.

Ross Macdonald CEO of Palm Tree Technology said: ‘”We are delighted that ID Insure is being integrated into Touchstone Mobile. The exceptional combination of design that Petra Financial has engineered into the application complemented by what we are confident is the most secure authentication and identity protection is surely a winner. The main inhibitors to mobile banking are now overcome by the collaboration between our technologies, and we are confident that customers will want to switch to mobile as a result”.

Commenting on this collaboration with Palm Tree Technology, Petra Financials Chief Executive Officer, David Sinclair, said: “We have some of the world’s leading banks as customers, and what is attracting them to Touchstone Mobile is its innovative design and inherent usability. Now we have squared the circle with what we believe to be the best security and authentication approach in the market. What our bank customers want for their retail and corporate consumers is security and peace of mind within the best and most functionally rich application. We are now able to deliver that and are delighted to be working with Palm Tree Technology. What we recognized from the outset is that to truly go mobile, it was essential to address security as innovatively and simply as we have done with our application. What we really liked about Palm Tree’s approach is its secure technology and for total peace of mind it’s insured by one of the world’s most trusted re-insurers. It’s simple and secure which just means that you can go mobile with peace of mind”.

John Burton, Marketing Director of Petra Financial commented, “Touchstone Mobile appeals to users because it is simple to use, intuitive, and makes mundane tasks like making payments and transferring money enjoyable. But for consumers to really turn on to mobile, they have to feel secure. What really makes sense is Palm Tree’s ID Insure because it means it is the right device in the right place with the right person; and the insurance backing adds total peace of mind. With a great combination of form, function and security, consumers now have the best mobile banking application which they can use with trust and confidence”.

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