Mobile payments solution provider Obopay is deploying its Mobile Money for Banks solution to STAR Network to enable real-time transfers between STAR accounts.
Those unfamiliar, myself included, should know that 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 and are eligible to offer their customers the ability to initiate both outbound and inbound Expedited Transfer transactions.
As a reminder, Obopay’s Mobile Money for Banks by Obopay allows banks to deploy their own bank-branded mobile money services. The offering gives financial institutions the opportunity to quickly bring to market branded smartphone, Blackberry and iPhone applications, as well as mobile Internet, SMS and IVR services, and a full range of website capabilities…