SensCom, a San Diego-based application service provider (ASP) for the financial services industry, today announced it has entered into an agreement with the Credit Union of Texas to provide technology that will enable members to perform financial transactions over the wireless Internet.
SensCom provides secure wireless application technology that acts as a gateway between a financial institution's operating system and their customers' wireless devices, including personal digital assistants (PDAs), over the wireless Internet.
Credit Union of Texas members who subscribe to the wireless Internet banking service can check account balances and history, obtain transaction summaries, transfer funds between accounts, pay bills and make credit card payments, order stop payments, and transfer funds to other accounts. SensCom's application servers obtain the desired information from the financial institution and convert it into a standardized wireless format. The transaction is then sent securely across the wired Internet to the wireless carrier gateway, where it is translated into wireless communication and passed along to the customer's wireless device for viewing.
The contract with the Credit Union of Texas (CU of TX), formerly the Dallas Teacher's Credit Union, includes complete service and maintenance, and future upgrades, according to Jerry Thompson, senior vice president chief information officer for the Dallas-based credit union which serves 147,000 members. Thompson estimated that approximately 20,000 of its members are currently using "wired" home banking services and he's confident that many of them will make the switch to wireless. The service will be available to members beginning in early June.
"We have a solid reputation in this market as a technological leader, and offering this exciting service to our members helps solidify that reputation even further," Thompson explained. "We continually strive to remain competitive and offer our members the very latest in customer conveniences. While wireless Internet banking continues to grow in popularity with more and more people utilizing wireless hand-held devices to perform every day financial transactions, we're now in a position to take full advantage of this breakthrough technology."
Thompson said the Credit Union of Texas selected SensCom's technology over its competitors because "it's the best of breed out there." The appeal for the credit union was that SensCom's technology crosses all wireless Internet platforms and covers every wireless Internet device on the market today, he said. "We did our due diligence and found that SensCom's technology is the only one that does that."
"The Credit Union of Texas' decision to partner with us further reinforces our belief that our technology for wireless Internet banking is far superior to anyone's," said Tarek Fouad, president & CEO of SensCom. "We look forward to a long and prosperous working relationship with Credit Union of Texas and helping them strengthen their position as a technology leader in the area of wireless retail delivery."
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