Mobile banking and transaction solution provider, Fundamo, has announced a further extension of its mobile money transfer product set. This will provide a more flexible selection of settlement and clearing application services to support the acceleration of the mobile money transfer ecosystem.
"Money remittances may well prove to be the catalyst for the massive roll-out of mobile financial services around the world. It addresses a growing and urgent need for consumers, many of whom work abroad, but support families at home. As a result, there is now a major opportunity for industry players contributing to this value chain," comments Aletha Ling, head of business development at Fundamo.
Deploying the Fundamo mobile banking and payments solutions will now enable banks and mobile operators to integrate to a variety of money remittance switches. This will allow those companies powered by Fundamo to offer a variety of flexible remittance options to their clients.
Fundamo powered solutions can be configured for both sending and receiving nodes, utilising the ubiquity and security of mobile phones. One of the major challenges of implementing money transfer systems is conforming to country specific regulatory requirements. The product supports flexible configuration of the regulatory requirements for a variety of sending and receiving countries.
The potential for mobile financial services was highlighted by the GSMA in a February release ahead of the 2008 Mobile World Congress in Barcelona, where they wrote.
"The convergence of mobile communications and financial services will see more than 1,4-billion people worldwide benefiting from mobile financial services by 2015, according to new research by Edgar Dunn, a specialist mobile banking and payments consultancy firm, in partnership with the GSMA, the global trade association for the mobile industry."
The GSMA further announced: "To further accelerate take-up of mobile wallets, the GSMA is working with a global management consulting, technology services and outsourcing company, and Fundamo, a supplier of mobile banking and payment solutions, to establish a hosted mobile wallet platform that will enable mobile operators to pilot a mobile wallet offering rapidly and at low cost."