Lloyds TSB launches cash transfers by mobile phone

by Gill Montia

Story link: Lloyds TSB launches cash transfers by mobile phone

Lloyds TSB is launching a new service that will allow its customers to manage their money and make transfers using their mobile phones.

The bank’s account holders can already use a mobile with an Internet facility to check their balances but from October they will be able to download software that allows them to transfer money between their Lloyds TSB bank accounts.

A six digit security code will be needed to access the service, which will cost £2.50 per month for the majority of customers (premium and student account holders will not be charged).

The account number will be replaced by a “nickname” of the customer’s choosing.

Once the service is established it may be extended to allow money to be transferred into other people’s accounts.

From the outset subscribers will benefit from a wider range of text message alerts.

These will include “High Balance” and “Low Balance” alerts, which may be useful in prompting transfers between accounts.

In addition, there will be a foreign transactions alert, which should be effective in cutting back on fraud.

The technology is being provided by Monilink which has overcome the difficulties of running the service over the major mobile networks and the varying operating systems of major mobile phone manufacturers.