Financial Services

Enabling secured mobile financial services anywhere anytime

Electronic and Mobile banking has become an important element within a modern full-fledged banking system. There is an increasing need to provide seamless banking experience in a secure environment to satisfy customers’ banking needs for mobility and security.

With the high penetration rate of mobile devices and affordable phone plans from phone operators, the mobile phone is gaining momentum to be the universal platform that people use to manage their financial needs. This presents a great opportunity for financial institutions to increase their service offerings by tapping on mobile technology.

Inphosoft offers a complete suite of products for financial service providers to ride on this wave to reach out to a bigger customer base immediately.

Mobile banking

Under the InphoTransact suite of products, financial institutions can now offer mobile banking services to their customers via mobile handset in a highly secured environment. Inphosoft Mobile banking adheres strictly to ISO8583, which is the Standard Financial Transactions Interchange Message Specifications.

The benefits to financial service providers include:
• Huge cost savings for financial institutions
• Provide unparalleled convenience and service level to customers
• Extend services to customers with no ready internet access
• Leverage on existing system platforms allowing speed-to-market and lower cost of implementation

Examples of mobile banking services that can be offered are: Account Balance Enquiry, Fund Transfer, Bill Payment, View Transaction History, Credit Card Account Enquiry and Mobile Prepaid Top-Up. The system can be extended to allow mobile payment to 3rd parties and other banking services.

Mobile Transactions

As the only device that most people will carry everywhere every day, Mobile channel is fast becoming the preferred platform for transaction. InphoTransact suite of products provide a complete solution that connect the financial institutions to their customers to provide payment services, security authentication and messaging capabilities for effective communication.

Mobile Payment Gateway

Inphosoft Mobile Payment Gateway (mPG) is a technology enabler for the m-commerce collaboration between banks and the mobile merchants for mobile payment. mPG product leverages on the strengths of banks in payment settlement while providing comprehensive services using mobile phone as an effective channel for payment execution, authentication, notification, confirmation and reconciliation.

mPG is an important in positioning the banks to be relevant with the pervasive mobile phone penetration. The advantage of the mobile channel can be tapped by the banks to extend and to improve their services. mPG offers the ability for banks to manage their mobile transactions from the customers while using the channel to complement their operations like credit card transactions notifications, submission of banking instructions and authentication.

Mobile OTP

Mobile OTP is a mobile client application that provides 2 factor authentications (2FA) and can be easily downloaded and installed into a mobile phone. Upon installing the mobile client application, the mobile phone itself now function as a hardware dongle that gives you better security by giving you control and choice over authentication requirements at a fraction of the cost.

The advantages and benefits of implementing Mobile OTP are:
• Mobile OTP can be implemented on most mobile phones and customers do not need to carry a separate hardware token
• Lowered cost of implementing 2FA as Mobile OTP is much cheaper than hardware token
• Hardware token needs to be replace when damaged, run out of battery or misplaced by customers Mobile OTP is a software token which cannot be damaged and customers generally take better care of their mobile phone as compare to a hardware token

Integrated Messaging Platform

This platform allows financial institutions to send SMS broadcast to their bank customers in the form of alerts or notification. Banks can now empower customers with real-time advisory notifications about transactions on their financial services:
• Account related (e.g. Large amount debited/credited, large ATM withdrawal, Cheque cleared, Financing disbursements)
• Reminders (payment or bills coming overdue)
• Status/Greetings (Welcome message on account creation and status on Financing or Charge Card Application)
• Credit Card SMS Notification (large transacted amount, personalize alert amount)