M-banking services provider Obopay has signed a deal with US ATM
network STAR in a bid to provide its customers with
real-time mobile money transfers.

STAR’s Expedited Transfer Service solution will be incorporated
into Obopay’s Mobile Money for Banks service under the
agreement.

The STAR network, a subsidiary of e-commerce company First Data,
claims that it offers transaction speeds that are not possible with
Automated Clearing House (ACH) transfers, which often take several
days to process.

“Demand is increasing for person-to-person mobile money
services, but the speed and agility consumers experience in the
mobile world are not consistent with ACH,” said Michael Diamond,
senior vice president of business development for Obopay.

“By working with STAR to integrate their Expedited Transfer
capabilities into our offering, we can provide banks with a quick
and easy way to offer these services to their customers.”

Mobile Money for Banks by Obopay allows banks to deploy their
own bank-branded mobile money services, and is designed to
make bank accounts the anchor for mobile money transactions.

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Obopay claims that the service includes the ability to send and
transfer money and makes payment card acceptance available to
everyone. The offering is also said to give banks the opportunity
to bring to market branded smartphone, Blackberry and iPhone apps,
as well as mobile internet, SMS and IVR services.

“The joining of these technologies will allow consumers to
securely send and receive funds with the immediacy they expect from
their mobile phones, and it will enable financial institutions to
quickly and easily bring the service to market,”
said Julie Saville, vice
president, STAR Network.