XMS technology links with M-Cube and launches UK's first Mobile Banking Service for Ryan Air

Press Release:

M-CUBE LAUNCHES UK'S FIRST MOBILE BANKING SERVICE

FOR RYANAIR PREPAID PROGRAMME MEMBERS

 

• M-Cube leads the way in European Prepaid marketplace

Ryanair Prepaid Programme first of its kind to be M-Banking enabled in the UK & Ireland

London, (Monday February 2, 2009): M-Cube today announces the launch of the M-Cube M-Payments Platform, the first mobile banking application for consumers using prepaid cards in the UK and Ireland. This application will be immediately available to members of the M-Cube Ryanair Prepaid Programme and will be functional across the range of M-Cube backed prepaid cards.

The Ryanair Prepaid Programme, launched in November 2008, is already the largest mass market multi-brand prepaid programme created by a prepaid card provider in the UK and Ireland. Holders of other M-Cube backed prepaid cards will also be offered access to the mobile application.

Using the M-Payments Platform, cardholders will be able to carry out a range of transactions directly from their mobile phones without the need to sign into their account via a computer. The services available to cardholders include:

·         Activation of a new prepaid card

·         Checking account balances

·         Obtain a mini-statement of recent account transactions

·         Top up prepaid card with funds

·         Report a prepaid card as lost or stolen

·         Live chat

·         Foreign currency transfers

·         Transfer between accounts

The M-payments application has been developed in partnership with information security experts Network Security Solutions (NSS) using the firm's proprietary mobile text messaging security backbone, Xecure Message Service (XMS). M-Cube is the exclusive license holder for the product in the UK.

The announcement breaks new ground for the prepaid cards industry in the UK, part of a European market predicted by independent research to be worth €131 billion by 2015. Research also reveals that the number of global consumers using mobile devices for banking services will soar to 816 million by 2011.

Mashallah H. M. Ali, Chief Executive, M-Cube, said: "This announcement follows hot on the heels of our pioneering Ryanair Prepaid Programme and reiterates our commitment to growing our UK business upon a foundation which combines technological innovation with customer-focused prepaid programmes.

“Mobile phones will have a major role to play in helping financial services providers cement relationships with their customers as we head into the next decade. They have already become an essential item for consumers in the UK and worldwide and their use for banking purposes is going to soar between now and 2011.

 "The prepaid payments industry simply cannot afford to sit on the sidelines whilst other financial services providers seize this opportunity to inject additional depth and breadth into their customer relationships. By providing our clients with a key application, we are also securing our position at the forefront of this fast-evolving sector.

 "We’ve directly addressed the security issues associated with handling and transferring sensitive information using cutting edge encryption techniques. We offer a level of security unmatched in the prepaid payments arena that guarantees peace of mind for our cardholders.”

The application will be available using mobile phones supporting Java (MIDP 2.0) and Wireless Messaging API (WMA). Transactions will be carried out via a secure SMS channel and 3G phones will fully support the application. The application will be delivered via a WAP Push and then use encoded SMS services to respond to customer requests.

For security, the application is protected by users who create a password when the application is launched for the first time. Furthermore, the application is bound to a mobile number, as opposed to a handset and it will cease to function in the event that any change is made to the mobile phone SIM.