Network365, Sun strengthen banking pact

21 Feb 2003

Irish mobile payments software firm Network365 and Sun Microsystems say that a combination of their respective technologies is winning them strategic deals throughout the world.

The companies say that banking and e-services companies worldwide are opting for Network365’s mZone on Sun’s network computing platform.

Network 365 has cited Miami-based online banking firm TODO1 (pronounced todo uno), which currently services four leading banks in South America’s Andean region, including Bancolumbia and Conavi of Columbia, Banco Mercantil of Venezuela and Banco del Pichincha of Equador. The banks are enabled to allow subscribers to execute sophisticated banking transactions any time, anywhere over mobile phones using mZone SMS (short messaging service) Banking.

The SMS Banking product was jointly developed by Network365 and hSenid, a software development partner in Sri Lanka. The product enables fund transfers between accounts, payments to third parties, account balance enquiries, chequebook and chequebook status requests, security alerts, daily account notifications and much more.

Sun Microsystems’ manager of network services market development, Manish Bhuptani, says: “Sun’s work with Network365 is further evidence of how we enable mobile operators and banks to provide their customers with an expanded range of applications and services, helping to increase their revenues and meet customer demands for an enhanced mobile lifestyle.”

According to Network365 founder and CEO, Raomal Perera (pictured), the company is focusing on expanding into Central Europe and Asia. The deal with TODO1 is the company’s first deal in Latin America. “TODO1 is spearheading the Latin American online banking sector by consolidating online banking service provision amongst a consortium of leading banks. This allows them to enjoy economies of scale and, most importantly, to offer the most innovative banking services coupled with the highest standards of security and customer service to their clients. The recent mobile banking initiative will add considerable value to member banks while creating market differentiation in their respective countries of operation,” he says.

In recent months, Network 365 also announced a deal with Celltel Lanka of Sri Lanka, which chose mZone SMS Banking to enable its customers to carry out banking transactions via mobile devices using SMS.

By John Kennedy