The system enables mobile subscribers to remotely bank, access banking services, transfer money, check their account balance, recharge mobile pre-paid, and pay bills via their cell phones.
The system includes a software application stored in the SIM card, a server and software that interprets the messages that are exchanged between the banks and the SIM. The messages are encrypted in the SIM chip and decrypted at the banks’ server, which translates the messages to a specific format.
The service is available from Comcel and other Colombian GSM operators in coordination with Bancolombia and Banco AVVillas, through Redeban Multicolor.
Redeban Multicolor technology and operations VP Valentin Echeverry said the service would be rolled out to more than 20 million GSM subscribers in the country.
Our initial expectation is that 20% of this customer base will execute at least five transactions per month, Echeverry said. The service is already generating demand, balance check and pre-paid re-charge being the most required services. A few weeks after the launch, the first results show a very successful uptake of the service with more than half million transaction making an average of six requests, per active user, per month.
