FiniNET Mobile

The quantum jump and rapid growth in Banking facilities and wide coverage of telecommunications network in India has brought in a revolution in the Banking industry. Mobile phones as a delivery channel for extending banking services have assumed great significance.

Banking transactions using mobile phones by bank customers involve credit/debit to their accounts. Information based services like balance enquiry, stop payment instruction of cheques, transactions enquiry, location of the nearest ATM/branch etc., acceptance of transfer of funds, instruction for credit to beneficiaries of same/or another bank in favor of pre-registered beneficiaries have also commenced in few banks.

Banks have already explored this mode of offering services to customers and Reserve Bank of India has already put in place necessary operational and regulatory guidelines. The guidelines issued by Reserve Bank on Risks and Controls in Computers and Telecommunications will apply to mobile banking.

Information Security is most critical to the business of mobile banking services and its underlying operations. Therefore, technology used for mobile banking must be secure and should ensure confidentiality, integrity, authenticity and non-reputability. Technology deployed is fundamental to safety and soundness of any payment system considering the complexity of services offered.

inacus comes with a solution

FniNETMOBILE is a Mobile Phone based Banking Application, which facilitates Bank customers do all transactions permitted as in traditional banking from their handsets with complete safety and security.

Facilities to account holders

Customers having mobile phones of any network operator are in a position to avail of the service. The facilities range from simply viewing the account balance and last few transactions, to transferring funds to other accounts, and also for making immediate or scheduled Utility Bill Payments, Insurance Premiums, and so on, from the convenience of their mobile phones.

Mobile Banking mitigates the need to write and send out cheques/ DD’s or pay orders to the payee. Helps in transacting from any place where mobile coverage is available and save the anxiety of lost I misplaced instruments in transit. Facilitates inter-operability of system and ensures transfer of funds on real time basis irrespective of mobile network.

Security Features to account holders

• FinINETMOBILE makes customers feel absolutely safe while dealing with their money, and the reason being that FIniNETMOBILE is designed with Security as the core building block.
• Customer is always prompted to enter his user login name and unique password allotted to him by the bank before proceeding further.
• Fn1NETMOBILE allows access and operation in the account only from a registered and authenticated mobile device.

Key Features of Mobile Banking

Savings Bank and Current account customers can query their account status for the Account Balance, Recent Transaction List. Cheque Status, Fund Transfer, Bill Enquiry, SIN Enquiry or Transaction Status. Customers can configure Alerts for various transaction events, such as Amount or Type based Debit or Credit, Status change of the account or Cheque Rejection.

Loan account customers can seek details of Amortization schedule, rescheduling of Loan / Reset letter, place request for Provisional or Final Income Tax Certificate, Loan Agreement Copy or Interest Certificate.

Term Deposit customers can place instructions with the bank for renewal of deposits, premature withdrawals, TDS Certificates, Interest Accrual Projection statement or define maturity disposal Instructions.

Security Features to the Bank

FniNETMOBILE uses secure channel for all traffic between the Mobile Handset and Bank’s Servers via the Service Providers. Ensures that customers having mobile phones of any network operator be in a position to avail service.

Mobile banking transaction shall be permitted only by validation through a two factor authentication. Transactions will be end to end encrypted and shall not be in clear text anywhere in the network at all stages of transaction processing to ensure that no information is exposed to unintended eyes. Therefore malicious alteration of information is prevented.

It ensures that all bank accounts are mapped to the named device before any Mobile Banking facility for those accounts are extended.

Ensures safety and soundness of the payment system with inbuilt security features like firewalls, intruder detection systems (IDS), data file and system integrity checking, surveillance and incident response procedures and containment procedures.

Regulatory Compliance

FiniNETMOBILE has the facility to provide MIS on set parameters to comply with RBI guidelines on KYC, AM L and Combating the Financing of Terrorism (CFT). Provides exception MIS on Suspected Transactions to enable file STR report to Financial Intelligence Unit — India (FIU-IND) for mobile banking transactions as in the case of normal banking transactions.

Facilitates fixing parameters to ensure risk mitigation measures like transaction limit (per transaction, daily, weekly and monthly), transaction velocity limit, fraud checks, AML checks etc. depending on the bank’s own risk perception.

Audit trail confirming maintenance of proper and full documentation of security practices, guidelines, methods and procedures used in mobile banking and payment systems and keep them up to date based on the periodic risk management, analysis and vulnerability assessment carried out.

System would generate separate Login ID and Password to every Phone Banking customer registering with the bank to avail the facility.