mFoundry Releases Mobile Banking Product Offering Banks Full Online Banking Functionality Securely via Mobile Devices

Some of the world's largest banks collaborate with mFoundry to bring mobile banking to mainstream wireless consumers in 2007

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SAN FRANCISCO, CA (Vocus) January 9, 2007

mFoundry, an award-winning mobile application platform provider, today announced the formal release of its mobile banking product. Offering rapid deployment and broad device coverage, the mBanking product provides financial institutions with the most flexible and comprehensive mobile banking solution in the industry, effectively setting the stage for mainstream adoption of mobile banking solutions in the coming year.

The mBanking product enables full online banking functionality with security fully comparable to mainstream Web banking best practices. mFoundry is currently working with some of the largest banks in the world, including Citibank North America.

The mBanking product from mFoundry provides the following advantages:

  •     Broad Device Coverage - Supports nearly 200 North American mobile handsets; over 120 with the necessary security support for full-service mobile banking.
  •     Easy Integration - OFX interfaces provide for easy bank integration; partnerships with leading internet banking, payment, and core processing solutions help banks leverage existing interfaces.
  •     Security - Compliant with FFIEC guidelines for multi-factor authentication; integrated customer care provides banks with the ability to remotely disable the application.
  •     Feature Rich - Enables full online banking functionality such as account information and transaction retrieval, fund transfers, bill payment, branch location information, and more.
  •     Cross Carrier Solutions - mBanking provides a consistent solution for banks and their customers across the top U.S. carriers, including Sprint, Verizon, Cingular, T-Mobile, Alltel, US Cellular, and Dobson as well as popular MVNOs, including Amp'd, Virgin Mobile, and others.
  •     Easy Set-Up and Self-Management - Lets banks configure the application to their specific needs without requiring Java or BREW mobile development experience.
  •     Updates On The Fly - Banks can manage the available functionality and make updates on the fly without requiring the user to reinstall their application.
  •     Advertising Support - Enables advertising or in-house promotions within banking applications and tracks performance.
  •     International Support - Banks with international needs will be able to leverage their mBanking solution in geographies outside the United States.

"We designed our mBanking product as an open solution that is bank and carrier friendly. It allows us to serve the full spectrum of banks and provide the end customer with the best possible user experience," said Drew Sievers, mFoundry's CEO and co-founder. "Large banks want to own the customer relationship and provide a consistent branded experience - our solution offers just that. To serve mid-size and smaller banks, we have fostered key partnerships to extend sales reach and to speed up the integration process. We firmly believe that financial institutions will see enormous demand for mobile customer solutions in the next few years. Our mBanking product allows banks to take the first step forward, and positions us as a leader in this emerging market."

This release of the mBanking product focuses on downloadable applications; complementary support for SMS and WAP will follow in early 2007. New functionality will also be rapidly introduced such as brokerage support, pre-paid and stored value management, P2P payments and other advanced features. The mBanking product is available as an on-premise license or as an ASP-based product. For more information, please visit http://www.mfoundry.com.

About mFoundry

mFoundry is an award-winning mobile application platform provider. mFoundry's mWorks® platform offers a complete solution for developing, distributing and managing applications. Using mWorks, mFoundry has created solutions for banking, sales force automation and carrier-grade advertising solutions. mFoundry was recently selected as one of "10 Emerging Wireless Players to Watch" by IDC. For more information, please visit http://www.mfoundry.com.

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