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August 11, 2009

Fundamo, Clickatell Collaborate To Deliver Mobile Banking Solutions

To bridge the divide between the developed and developing, the digital and physical, and the mobile and financial worlds

By CBR Staff Writer

Clickatell and Fundamo have partnered to deliver mobile banking solutions to financial services institutions, to help fulfill what will become a $5 billion opportunity in the next three years, according to McKinsey & Company.

Clickatell has claimed that customers can perform various transactions via SMS including checking balances, transferring funds, approving payments, locating bank branch and ATMs. They would also receive SMS receipts at the time of purchase to immediately help prevent fraudulent or mistaken transactions. In fact, Clickatell’s banking customers have already seen a 40% reduction in fraud simply by offering real-time SMS alerts to customers.

Pieter de Villiers, CEO of Clickatell, said: Research shows that a bank’s most profitable clients are those using mobile banking and we believe SMS is core to a bank’s portfolio of services. Leading banks are putting together mobile strategies all around the world. The combined capabilities of Fundamo and Clickatell support the requirements of financial institutions deploying immediate and long term mobile services. Our two companies understand the needs of banks who want to deploy today and grow their mobile service offerings into the future.

South Africa-based Fundamo is a mobile banking and payment software solution provider.

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Redwood City, California-based Clickatell enables businesses, governments and communities to leverage the ubiquity of mobile messaging to inform, alert, notify, transact, interact and share information.

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