Mobile Banking, Mobile Finance – My bank services, anytime, anywhere, anyhow

MoneyM™ is a unique business architecture which enables deployment of innovative and readymade financial services such as Mobile Payment, Mobile Banking and Micro-Finance from within a mobile device. It allows secured payment services, peer-to-peer transfers, payment of utility bills and more.

Initially developed for un-banked and under-banked populations in developing countries, the software application can also be launched in more advanced emergent markets, as the product also disposes of an NFC function, QR function and mWallet system that can be linked to individual bank accounts or pre-paid and post-paid credit/debit cards, allowing great flexibility for mobile transactions.  This mWallet system can operate and handle transactions autonomously in closed, secured and open network environments.

• Mobile Banking

Mobile banking is a way of giving access to customer’s bank account through Mobile phone. User will have the choice to: check balance, get the last operations on his/her account, order check books, suspend credit card, make transfers, and much more. The goal is to give access to the majority of bank’s services through the mobile phone which becomes then a sort of virtual bank’s branch.

• Mobile Payment

A major aspect of Mobile finance is mobile payment. This a way by which a person pays a bill using his/her mobile phone. Practically, this would be for example payment of utility bills, such as electricity or water, and it could be payment of purchased goods from merchants. Our CaaStor™ product allows it all, through different channels. CaaStor™ triggers the transfer of the amount from user’s account to the merchant’s account. It can also send notification to both the user and the merchant, while keeping track of all these transactions.

• Money Transfer

This is a common situation where money is sent generally from one country to another. This type of service uses known market leaders. However, these don’t offer the flexibility of the Mobile phone. CaaStor™ Mobile Transfer module allows for Money transfer even between different currencies, with configurable conversion rates, sending notification SMS to both users.

• Mobile Virtual Wallet

Mobile virtual wallet is comparable to bank account, except that it works in prepaid mode only. Using such account, transactions between wallet accounts do not have any relation with the bank. This is specifically designed for the unbanked population. CaaStor™ Virtual Wallet module is a complete virtual account management system, where users can manage their account through USSD secured connection for checking their balance, make transfers to another virtual account, pay utility bills, obtain a payment voucher for some merchant, take out cash, put-in cash, get short of full history of the account statement, etc. CaaStor™ allows for a Mobile Virtual Wallet that actually works simultaneously with multiple operators’ networks and with multiple banks simultaneously.

• Micro-Finance
• Micro-credit
• Micro-insurance
• Micro-Savings
• Funds/Subsidies disbursement
• Loyalty Programs & Rewards