Citi/SK Telecom Joint Venture Announces Mobile Financial Services Application Compatible With Android
First Offering of its Kind in the Banking Industry Opens New Opportunities for Financial Institutions and Carriers
Seema Kalra, 408-685-0606
Mobile Money Ventures
Natalie Jo, 415-658-4535
Mobile Money Ventures LLC (MMV), a joint venture of Citi and SK Telecom today announced that its solution for mobile financial services is compatible with Android(TM), a software stack for mobile devices that includes an operating system, middleware and key applications. Google(TM) and other players have collaborated on the development of Android through the Open Handset Alliance, a multinational alliance of technology and mobile industry leaders. This offering will enable financial institutions and carriers to offer customers the ability to use a comprehensive set of mobile financial services on Android-powered mobile devices.
As mobile devices continue to get more sophisticated, financial institutions (FIs) and carriers have the opportunity to enhance customer loyalty and enrich customer experience by delivering innovative applications, such as mobile banking. The Android- compatible application developed by MMV is such an application. It allows FIs to deploy mobile banking applications quickly with a platform that allows end users to use their mobile device to pay, track and manage finances – and take advantage of vendor rewards programs created specifically for wireless users.
Using their Android-enabled mobile device, end users will be able to easily download the financial application that will enable them to transfer money, check their accounts, get branch information, and carry out a Person-to-Person (P2P) transfer. Users will also have access to a stock monitoring feature that allows for real-time trading, portfolio management, and real-time market information. Other features include tracking receipts and expenses and a variety of payment functions.
“We are working closely with our financial institution and mobile carrier customers to deliver a secure, customizable product that will get to market quickly – and help transform the customer’s experience,” said Steve Kietz, CEO of Mobile Money Ventures, and executive vice president of Growth Ventures and Innovation for Citi’s Global Consumer Group. “Mobile banking will revolutionize the industry in the next few years much the way ATM machines did in the 1980s. By capturing the power of Google’s Android software, our mobile banking platform will set a high standard for this emerging use of wireless technology.”
MMV’s Android-compatible solution features:
— Banking: Provides money transfer, account balance inquiries, location of local branches, and P2P transfer using a mobile phone number instead of the account number.
— Account management: Provides support while users are on the move. Compared to online banking services, users can actively monitor their financial status without being tied to a computer terminal.
— Payment: A variety of payment functions are provided to users including card payment, NFC payment, remote payment and mobile wallet (m-wallet).
— Stock monitoring: Provides real-time stock trading functionalities, portfolio management and real-time market information via mobile devices.
— Track deals and rewards: A two-fold feature: on one side, customers can track receipts and expenses; on the other is a mobile phone-based couponing and reward program.
To see a demonstration of MMV’s Android application at the Mobile Commerce Summit on June 23-24 at Caesar’s Palace, Las Vegas, please attend Kietz’s presentation at the summit on “Mobility as Part of the Bank’s Overall Business Strategy,” from 9:15-10 a.m. on June 23.
Google and Android are trademarks of Google Inc. All company and product names may be trademarks of the companies with which they are associated.
About Mobile Money Ventures
Mobile Money Ventures LLC (MMV) is the global solution provider of the next generation of mobile financial services applications. Built on the financial services and technology leadership of Citi and SK Telecom, MMV delivers the future of mobile banking with its comprehensive, customizable and secure platform. MMV’s turnkey solution enables financial institutions (FIs), carriers and partners to reduce time to market, leverage new growth opportunities and enhance customer loyalty. MMV is FI and carrier agnostic. Mobile Money Ventures is headquartered in San Francisco, California. For more details, visit www.mobilemoneyventures.net.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
About SK Telecom
SK Telecom (NYSE: SKM, KSE: 017670) is the top wireless communication provider in Korea, where it has more than 22 million subscribers taking up more than 50% of the total market. The company, established in 1984, reached KRW 11.28 trillion in revenue in 2007. SK Telecom was the first to launch and commercialized CDMA, CDMA 2001x,CDMA EV-DO and HSDPA networks, and it currently provides cellular, wireless internet, mobile media, global roaming service and more. For more information, please visit www.sktelecom.com.
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