The agreement enables Obopay to offer the industry’s only mobile money transfer solution with real-time capabilities that places the demand deposit account at the center of the transaction. The STAR Network offers transaction speeds that are not possible with Automated Clearing House (ACH) transfers, which often take several days to process. With this service, financial institutions can offer a fast, secure and convenient way for their customers and members to send and receive money using their mobile phones.
STAR issuers that receive STAR POS transactions already support STAR Expedited Transfer transactions, which makes it easy for participating financial institutions to add mobile money services without the need for core banking system integration. STAR member financial institutions are eligible to offer their customers the ability to initiate both outbound and inbound Expedited Transfer transactions, so STAR cardholders can send funds to their own or other people’s STAR accounts as well as pull money from their STAR cards into another account.
Mobile Money for Banks by Obopay allows banks to deploy their own bank-branded mobile money services. Designed to make bank accounts the anchor for mobile money transactions, the service combines complete brand control and a full range of mobile transactions and applications with simple low-cost integration and deployment. Mobile Money for Banks includes the ability to send and transfer money and makes payment card acceptance available to everyone. The offering gives financial institutions the opportunity to quickly bring to market branded smart phone, Blackberry and iPhone applications, as well as Mobile Internet, SMS and IVR services, and a full range of website capabilities. It can be implemented in 30 days or less. Deployment costs are low because Obopay leverages banks’ existing payment and online mobile banking systems which now include the STAR Network and processes without the need for an overhaul of the core banking system.
“Combining the STAR Expedited Transfer Service with Obopay’s Mobile Money for Banks enables exactly the sort of convenience and security we had in mind when we developed our offering,” said Julie Saville, vice president, STAR Network. “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.”
“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. This service also sets us apart from other mobile payment providers as the only solution in the industry to offer real-time transfer capability that makes the bank’s account the anchor for mobile transactions.”
The STAR® Network enables consumers to use their ATM / debit cards to obtain cash and make purchases quickly and securely throughout the United States. With a singular focus on real-time debit payment processing for more than 25 years, STAR is committed to driving increased reliability, security, cardholder convenience, and choice wherever and whenever consumers demand access to their money. STAR puts its debit expertise and industry knowledge to use for its clients which include financial institutions, retailers, processors and billers delivering innovative services as well as market insights that help them increase the value they derive from their debit programs. The STAR Network is an integral part of the payment services offered by global electronic commerce leader First Data Corporation. For more information, visitwww.star.com.
Founded in 2005, Obopay, Inc., offers mobile money services that transform any mobile phone into a convenient and easy way to send and receive money, get paid or pay small businesses, top-up accounts, buy via mobile and pay bills. Obopay’s mobile money services address the needs of consumers and businesses around the world by providing a service that delivers value, empowers lives and improves opportunity for merchants. Obopay believes the power is in the network and has established partnerships that include Nokia, MasterCard, Citibank, AT&T, Verizon, Essar, Yes Bank in India, Blackberry and Societe Generale. The company’s offering enables partner-branded mobile money services that financial services and mobile partners can implement quickly at low deployment cost. Global headquarters are inRedwood City, CA with operations in India.
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