Gemalto Deploys M-banking Service

Dutch digital security company Gemalto and Colombia's largest banking network Redeban Multicolor have launched a mobile banking service for all GSM operators, Gemalto said in a statement.

Gemalto's m-banking solution allows mobile subscribers to perform secure transactions and make payments, transfers and requests for information.

Gemalto's solution includes a software application stored in the mobile phone's SIM card. The transaction is encrypted in the SIM card and decrypted at the bank's server, which translates the messages to a specific format.

"The m-banking menu is already available to more than 20mn GSM subscribers in the country. Our initial expectation is that 20% of this customer base will execute at least five transactions per month," said Redeban Multicolor's VP for technology and operations ValentÃn Echeverry.

The service is available for Comcel, a unit of Mexico's América Móvil, Movistar Colombia, owned by Spain's Telefónica and Colombia Móvil, which operates under the Tigo brand and is controlled by Luxembourg's Millicom International Cellular.

Posted to the site on 29th November 2007