WAP phone interbank cash transfers launched

By Alfred Lee, The China Post

The Financial Information Service Co. Ltd. (FISC) yesterday introduced its interbank cash transfer service via WAP mobile phones in cooperation with 10 local banks, Chunghwa Telecom and TransAsia Telecommunications.

By the end of this year, about 20 local banks will team up with FISC to offer WAP-phone-enabled mobile phone banking, according to company sources. Although “mobile phone banking” was offered by local phone companies and banks before, interbank cash transfers or transactions were restricted to two or three banks. Only a handful of customers could benefit from earlier”mobile phone banking.”

The banks joining this service include First Commercial Bank, International Commercial Bank of China, Medium Business Bank of Taiwan, Chang Hwa Bank, Taipei Bank, Grand Commercial Bank, Yangmingshan Commercial Bank, EnTie Commercial Bank, Cathay United Bank and the banking institution of the farmers’ association of Taipei County. In the meantime, Bank of Taiwan, Taiwan Cooperative Bank, Bank SinoPac and Shanghai Commercial & Savings Bank, Ltd., are conducting tests with a view to joining the service.

The transactions offered under this WAP-phone-enabled service include: interbank account inquiries, cash transfers, password changes, lost or stolen credit and ATM card reports, account settings, account reports etc.

To safeguard security transactions on the Internet, the security mechanism of the service is implemented with the triple DES system. The company’s Web site is at www.fisc.com.tw/ The FISC will introduce “mobile investment” and “mobile e-commerce” in the near future. The service will also be offered via PDAs in the future.