150 credit unions have implemented Fiserv’s Mobile Money m-banking product, of which 84 are currently live.

Mobile Money enables credit unions to use any mobile phone to check account balances and history, transfer funds, pay bills, and track account activity.

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Mobile Money supports all three mobile access modes: SMS mobile browser, and downloadable applications. Mobile Money is available as an in-house solution or hosted by Fiserv through an application service provider (ASP) model.

“Our members love Mobile Money, find it very easy to use, and like that they can self-enrol from our website,” Karen Salmons, chief operating officer, Call Federal Credit Union.

“We hope Mobile Money eventually will help to reduce our call centre volume, as we encourage more members to use this convenient and cost-effective vehicle for self-service.”

According to Fiserv, Mobile Money utilizes security best practices such as industry standard data encryption, along with additional risk management safeguards. According to Fiserv, the solution integrates with multiple online banking and online bill payment solutions. Mobile Money incorporates mobile payment technology from M-Com.

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“Credit unions are increasingly adopting Mobile Money to strengthen their competitive position through a high-value, low-cost service that appeals to a broad range of consumers, which includes Gen Y and other demographics,” said Dave Selina, segment executive for Fiserv Credit Union Solutions.

“As consumer demand for greater access and convenience continues to rise, Fiserv solutions like Mobile Money will continue to play a vital role in credit unions’ strategic plans.”