Academic journal article ABA Banking Journal

Banking and Brokerage-Anytime, Anywhere

Academic journal article ABA Banking Journal

Banking and Brokerage-Anytime, Anywhere

Article excerpt

As anyone who's watching trends already knows, talk of going wireless is the next wave of remote banking beginning to get serious consideration from the industry. (See the Webnotes department on p.60).

In fact, proponents of the technology say, it isn't fear of the Internet but the landlocked nature of the personal computing experience that has kept online finance to current user levels.

Give users the ability to access information wherever they need it, however, and you will increase adoption dramatically. (The decreasing cost of wireless infrastructure, and the convergence of standards will also prompt wider use.)

724 Solutions, Toronto, is the developer of a software "gateway" linking remote devices such as pagers and cell phones to bank- or brokerage-based account information. It is designed to be device- , operating system-, and network-independent.

Partnered with Bank of America (which is in the midst of a pilot with the technology), Citibank, and Sonera Financial, 724's technology lets users check current account balances and transaction details, conduct real-time fund transfers, or pay bills. They can display investment statements, holdings activities, and open orders or make an order and receive confirmations.

Consumers using services powered by 724 Solutions software can personalize most aspects of their usage. A personalization server manages user profiles--as well as individual security and privacy preferences. The software's notification service allows consumers to be notified immediately of specific events such as stock price movements or receipt of electronic mail.

The architecture from 724 Solutions is designed to quickly connect existing services and content to the world of remote devices. …

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