Currently, The Family Credit Union members can access Mobile Money from Fiserv through any mobile device using SMS (text messaging) or a mobile browser, and a downloadable application is planned. Members can check balances and review account history, move money between accounts, pay bills and receive a variety of pre-set account alerts. The service is free and can be activated through the credit union's CU@ccess24 home banking site.
"Mobile phones are an integral part of our daily lives, and we wanted to bring our members the convenience of managing their finances while on the go," said The Family Credit Union president and chief executive officer Sandra Sheffey. "Our initial expectation was that the Mobile Money service would appeal to our Gen Y members, but we are seeing strong interest among Baby Boomers and some of our older members as well. These easily accessible mobile financial services are appealing to a wide range of members."
During the first thirty days of availability, more than 100 members signed up to use The Family Credit Union mobile banking service, and adoption is steadily growing.
"The Family Credit Union is an early mover into mobile banking, and is among the first in their area to deliver account information to the mobile device," said Dave Selina, segment executive for Credit Union Solutions at Fiserv. "Fiserv partnered with the credit union to test a beta version of Mobile Money earlier this year, and now they are one of the first financial institutions offering the service. We have seen the commitment of The Family Credit Union to providing their members with current technologies to help manage their financial lives."
The launch of Mobile Money deepens the relationship between Fiserv and The Family Credit Union, which also uses the Portico(TM) account processing platform, Virtual Branch(R) home banking and electronic funds transfer (EFT) from Fiserv. The Family Credit Union is using the cost-effective, pre-packaged hosted ASP version of Mobile Money. Also available in a licensed version, Mobile Money from Fiserv is a secure application that utilizes security best practices such as data encryption, along with additional risk management safeguards.
An example of the Fiserv core competencies in payments and customer and channel management, Mobile Money is the industry's most complete mobile banking and payments solution, supporting consumers on all three mobile access modes, offering online and offline enrollment capabilities and integrating with core banking, online banking and electronic payments systems. Mobile Money from Fiserv incorporates technology from Atlanta-based M-Com.