First National Bank (FNB) has become the first South African bank to support dual authorisation on Cellphone Banking for Businesses, a platform aimed at enabling business owners to take control of their finances in an affordable, convenient and safe environment.
FNB’s Cellphone Banking for Businesses allows companies to have a dual authorisation agreement in place – so a minimum of two registered cellphone banking users will be required to successfully process a financial transaction.
“As part of the security features, once a customer has registered for this service, only registered cellphone numbers can perform transactions,” says Len Pienaar, CEO of FNB Mobile and Transact Solutions. “This service also includes SMS notification to inform you of pending transactions waiting for your authorisation.”
Registered Cellphone Banking users can use the facility to:
* Transfer money between their own accounts;*
* Pay third parties;
* Check their balance on a single or multiple accounts;
* Get mini-statements; and
* Purchase prepaid electricity and airtime for all South African network operators.
“The business owner can now enjoy the benefits of electronic banking through the use of their cellphone without having to incur any additional expenses, such as purchasing a personal computer,” says Pienaar.
The main difference between business and individual usage of cellphone banking is the popularity of the payment functionality by business. Nearly a quarter of all transactions on the business platform to date have been payments.