SensCom Launches Wireless Internet Services To Financial Institutions

San Diego Company Recently Became the First to Enable a Commercial Offering of Wireless Internet Banking On Wireless Phones in the United States

SensCom Inc., which distinguished itself last month when it enabled the first commercial offering of wireless Internet banking service in the United States, Monday announced the official launch of its services to financial institutions.

SensCom's services are compatible with wireless WAP-enabled phones and wireless Internet-enabled personal digital assistants (PDAs), and include review of account balances and account history, verification of credits and debits, transfer of funds between accounts, bill payment, stock and securities trades, financial information notification, and portfolio management.

The company's broad expertise in digital wireless network engineering, software development, and financial services strongly positions the company to provide the best of wireless Internet solutions to financial institutions. And, to maintain the highest levels of security, integrity, and scalability for SensCom's systems, procedures and infrastructure, it is working with prominent consulting firm, Deloitte & Touche LLP.

"We are proud to lead the effort in providing wireless capabilities for the financial services industry," said Tarek Fouad, SensCom's founder and chief executive officer. "Our technology was developed to promote the synergy between the convenience of Internet banking and securities trading and the prevalence of wireless devices," said Fouad.

Fouad said an adaptable platform ensures end-to-end security between the financial institution and the end user while offering the speed and convenience of real-time transactions on a wireless device. When a user initiates a transaction with a micro-browser enabled handset a WAP-based secure communications channel is established with the WAP gateway at the user's wireless carrier. The WAP gateway converts the content to secure HTTP and sends it to the SensCom wireless system.

"Our wireless financial application servers obtain the requested information from the financial institution and convert the message into a standardized wireless format utilizing the WAP standard. The servers then send the transactions securely across the wired Internet to the WAP gateway where they are translated into wireless communications and passed to the user's wireless handset," Fouad explained.

The technology acts as middleware between the user's microbrowser and the financial institution's system. All interactions between the financial institution and its end user are protected using the highest available forms of encryption technology. SensCom utilizes Secure Socket Layer (SSL) technology from the host financial server through to the wireless carrier's WAP gateway, where it is converted to Wireless Transport Layer Security (WTLS), the wireless implementation of SSL. Login authentication with user ID and password is then managed by the financial institution.

The launch comes on the heels of a joint announcement April 17 that San Diego-based USE Credit Union had become the first financial institution to offer wireless Internet banking to all of its customers with technology provided by SensCom. SensCom is currently working closely with a number of major financial institutions to continue the rollout of its wireless Internet financial services.

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