Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, today announced that 150 credit unions have chosen to implement Mobile Money(TM) from Fiserv to date, including 84 that are already live.
Mobile Money gives credit union members the flexibility to use any mobile device to check account balances and history, transfer funds, pay bills, and track account activity. Mobile Money is the industryâs most complete mobile banking and payments offering, supporting all three mobile access modes: SMS (text messaging), mobile browser, and downloadable applications. Mobile Money is available as an in-house solution or hosted by Fiserv through an application service provider (ASP) model.
The ASP version of Mobile Money offers an extremely cost-effective option requiring little administration on the credit unionâs part and has received strong interest since its launch last fall. The $330 million Call Federal Credit Union, based in Richmond, Va., is among the many institutions using the ASP implementation.
âMobile Money fits with our vision to empower members to be the heroes of their own financial lives,â said Karen Salmons, chief operating officer, Call Federal Credit Union, which leverages Virtual Branch(R) from Fiserv for online banking. âPeople of all ages are on the go and most have cell phones, so this was a natural fit.â
The credit union chose Mobile Money for its easy integration with other Fiserv solutions, including its Portico(TM) account processing system and Virtual Branch. In the first three months, more than 313 members of Call Federal Credit Union signed up for Mobile Money.
âOur members love it, find it very easy to use, and like that they can self-enroll from our website,â Salmons said. âWe hope Mobile Money eventually will help to reduce our call center volume, as we encourage more members to use this convenient and cost-effective vehicle for self-service.â
âCredit unions are increasingly adopting Mobile Money to strengthen their competitive position through a high-value, low-cost service that appeals to a broad range of consumers, which includes Gen Y and other demographics,â said Dave Selina, segment executive for Fiserv Credit Union Solutions. âAs consumer demand for greater access and convenience continues to rise, Fiserv solutions like Mobile Money will continue to play a vital role in credit unionsâ strategic plans.â
Mobile Money utilizes security best practices such as industry standard data encryption, along with additional risk management safeguards. The solution integrates seamlessly with multiple online banking and online bill payment solutions. Mobile Money incorporates technology from Atlanta-based M-Com.