CAPE TOWN, South Africa and ATLANTA -- Financial and payment services software provider S1 Corporation has reached an OEM (original equipment manufacturer) agreement with Fundamo, a mobile banking and transaction solution provider.
Under the terms of the deal, Fundamo's software, which is integrated with Postilion transaction management software to deliver mobile services, will be offered under Postilion warranty, support, and licensing agreements.
The integration of Fundamo's software with Postilion creates the opportunity for new revenue streams for financial institutions. Two mobile application offerings can be deployed in conjunction with Postilion--the first of which targets the individual or end-user; the second covers businesses.
The mobile application for individuals includes mobile banking, person-to person payments, prepaid purchases such as airtime and electricity, bill payments, and alerts of activities on underlying accounts. Mobile-based authentication and card mobile enablement where card features such as blocking a card are made available on the phone are also available.
The mobile application for businesses consists of business mobile banking, vending (airtime, prepaid electricity, ticketing), bill collections, cash on delivery payments, and business-to-business payments.