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Fundamo extends mobile banking options with latest product releases
January 2004

Fundamo, the South African banking and mobile commerce software company, has released new versions of its Fundamo Elevator and Fundamo Extender solutions, which enable secure financial transactions to be effected via mobile phones, the Internet and other devices.

The Fundamo payment solution offers significantly more than simple mobile banking and can complement existing payment methods, creating new revenue opportunities in the form of transaction fees, cash retention benefits for banks and transmission revenues for mobile operators.

"Both products enable banks to offer their customers secure, easy to use, affordable and convenient ways of transacting," says Craig Saks, marketing and sales director at Fundamo.

Elevator is a standalone transactional banking system that includes an account management system and supports transacting via cellphones, debit cards and the Internet. It also supports a variety of mobile commerce services and interfaces to existing banking systems.

Extender adds mobile, Internet and other payment and banking capabilities to existing banking systems or financial switches. It also makes it possible to deploy a variety of mobile commerce services in conjunction with existing bank infrastructures.

"Elevator is specifically built for organisations wishing to deploy a modern, affordable transactional banking system," Saks says. It gives banks, financial services companies, and even mobile operators who have a banking partner, a transactional banking system that has a low cost base in operating terms. It also supports innovative payment channels and ways of transacting.

"Perhaps the most important feature of Elevator in the South African and African context is that it seems to be an ideal product for banks seeking to provide banking services to many of the people that that they have not been able to service cost-effectively in the past," notes Saks.

Fundamo's product suite has seen the company feature in the Technology Top 100 (TT100) Awards Programme in 2003 for the third year running. TT100, run under the auspices of the Engineering Association, is one of the foremost business awards programmes in South Africa addressing large, medium and small enterprises.

"The TT100 is a select list of companies that are judged to be outstanding technology companies and deserving of the TT100 emblem of excellence," notes Saks. "It is strongly supported by government and the private sector, and as such, our repeated placing on the list is an important accolade for Fundamo."

Versions 3.2 of Fundamo Extender and Fundamo Elevator are the latest in a series of releases that have come out over the past four years, a factor which Saks says is testimony to the growing maturity of Fundamo's product set.

"Our solutions are being used in several African countries, and the new functionality we have added is set to make the product even more popular."

New product features include:
  • support for multiple currencies, making it possible for individual users to have different accounts in different currencies;
  • * multilingual capabilities, enabling the solutions to be deployed in any language;
  • * a data warehouse module that provides a consolidated reporting infrastructure;
  • * new device channels which provide support for Java phones and USSD, in addition to the existing support provided for WIG, [email protected], IVR and Web interfaces.

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