Mashreq launches mobile banking

Mashreq Bank launches region's richest mobile banking solution

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By  Mark Sutton Published  November 10, 2008

Mashreq Bank today launched what it says is the most rich mobile banking service in the region.

Mashreq Mobile Banking offers customers a full transactional service, with access to account information, funds transfers and bill payments over any GPRS/3G or Wi-Fi network in the world.

Douglas Beckett, Head of Retail Banking at Mashreq, said: “Mobile banking is emerging as a key service for consumers who expect their bank to be available to them anytime, anywhere and globally. We are enabling six million users across the UAE who have mobile phones to connect with their bank account in a more convenient way than any of our competitors.”

Users need to download the Mashreq Mobile Banking application to a Java-compliant phone with internet connection. The application uses a client/server model rather than being browser based, which means only core information is transferred when the service is in use, cutting the amount of data transfer to reduce network connection costs. The service is free to use, and customers only pay their ISP fees.

The client/server model is also intended to be more secure, and in addition no account data is stored on the handset and data exchange is protected by 3DES and dual factor authentication based 128 bit SSL connection. The application has also been given Verisign ‘Trusted’ status.

Beckett added: “This solution is unmatched by any competitor in the region. We hope it will encourage more people to establish a relationship with Mashreq.”

The solution is currently only available in English, but an Arabic version is due for launch in the near future. Mashreq also plans to roll out the solution for its customers in other countries in the region, including Bahrain, Kuwait and Egypt, and to add new services and payment options.

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