MiT Mobile Banking

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MiT Mobile Banking Solution (M2B)

The number of mobile phone subscribers is growing exponentially with an expected penetration of 101 million by 2015. With the arrival of new technologies and services offered through this channel people are using this device for a lot, more than before. If we focus on mobile transactions, reports show that by 2012 domestic money transfers are expected to be used by over 500 million mobile phone subscribers. Global mobile money transfer services are a growing business and an enormous opportunity for service providers. The service adoption rate meets a great evolution thanks to the development of the security level, send and receive options, cost reduction and transactions terms. MiT has designed a Mobile Financial Services platform that provides secure Mobile Money Transfer solutions. This platform has been conceived to be integrated into existing mobile network and banking infrastructures, allowing mobile operators and financial institutions to offer a value added service through their existing infrastructure. MiT’s Mobile Banking provides a competitive solution that addresses the flaws of current domestic and international remittance solutions. It also gives access to:
> Local peer-to-peer Transfers
> International Remittances (Multi-currency)
It allows secure service to transfer a balance from one customer’s mobile wallet, bank account, credit card to another mobile, wallet, bank account or agent (cash or ATM). MiT Mobile Money Transfer services make international and domestic remittance more affordable and convenient by using existing distribution infrastructure and benefiting of economies of scale.

Service provider’s benefits:


» Acquire new customers through value addition
» Build the base for further services
» Enable over the air transactions - quick settlement, high security features, fraud reduction
» Offer opportunity to co-brand and cross-sell
» Increase the volume of transactions thanks to a positive customer experience
» Reduce cash handling costs and the risks of loss
» Decrease costs through additional delivery channel (higher and Quicker ROI)
» Reach a wider audience, 24/7
» Access new customer segments such as unbanked population
» Enhance brand image
» Reduce churn and increase ARPU

End-user’s benefits:


» Secure, convenient and real-time money transfer » Cost-effective alternative
» Lower fees to send small amounts with high frequency
» Reducing theft and fraud
» Ubiquitous services, 24/7 international and national access
» Financial services access for unbanked customers through mobile wallet/SVA

MiT Approach to Mobile Banking


Mobile Banking Solution over View


MiT Mobile Banking services have been designed to integrate easily with the existing mobile network and Banking infrastructure while opening up new business opportunities for mobile operators and financial institutions, and providing a foundation for new cost-effective services and revenue opportunities.

Banking Service on the move


MiT Mobile Banking Solution is a complete financial services solution for financial institutions. The Mobile Banking Solution provides secure access from a mobile phone for mobile banking, mobile payment and mobile money transfer services.

Mobile Banking Services

  • Balance enquiry
  • Balance change alert
  • Mini Statement
  • Intra Bank Fund transfer
  • Inter Bank Fund transfer
  • Remittance
  • Mobile Top Up

  • Mobile Pay Point
  • Mobile shopping
  • Mobile ticket purchasing
  • Cheque book request
  • Foreign exchange rate inquiry
  • Cheque realization/status inquiry
  • Utility bill payment (Electricity/Gas/Water)

Mobile Banking Use Case


Mobile Top Up & Utility Bill


Bank Account holder can do Mobile Top Up through M2B solution. Beside this with this solution any Bank Account holder can buy or pay for refill for any other service such as internet prepaid card, telephone bill, Cable TV bill, Utility bill etc.

Mobile Pay Point


Bank Account holder can perform cash transaction through Mobile Pay point. Mobile user can collect or pay cash at Mobile pay point by using PIN through mobile banking.

Mobile Banking at Store


Bank Account holder can buy things using M2B from store. Mobile user does not need to carry cash or card to pay at store. Mobile users can any amount of bill just following 3 steps using his mobile phone.

Mobile Banking at University


Bank Account holder can buy things using M2B from store. Mobile user does not need to carry cash or card to pay at store. Mobile users can any amount of bill just following 3 steps using his mobile phone.

Credit Service


M2B can be used in parallel of credit card. Bank can allocate credit limit to their account holder and account holder use these limit for shopping using their mobile phone.

Mobile Banking at Hospital


M2B can be used to pay the medical bill at hospital and to buy medicine from pharmacy. M2B is available 24/7 at any place in case of any emergency.

Mobile Banking at Home


M2B is more desirable in home delivery service. Pizza can be ordered from using M2B from home. Cinema ticket and travel ticket can be bought using M2B from home.
Beside these above use cases there are lots of ways M2B solution can be used. Mobile operator can design their own business case respect to their territory culture, situation and opportunity and use M2B to add more value and revenue to their business.


Key Features


  • One Time Password (OTP)
  • PUD Data Encryption
  • Auto Transaction Alert
  • Soft POS Device
  • Support SMS, WAP, Web & Device Client
  • Self Subscription through SMS, WAP & WEB
  • MML & SOAP Interface for Operator Charging Gateway
  • VISA, PayPal & ATM Interface
  • ISO 8583 Native Interface for Core Banking Integration SMPP Interface for Message Gateway

System Security


If Bank would like to offer mobile banking services to their customers using M2B service then security is a very important aspect in this regard. However, with the fast growth of online fraud, Internet and mobile banking comes with risks. A majority of users are worried about the improper use of their bank account details on the Internet. Therefore, banks and operators are looking for ways to protect their brand image and preserve the trust they have with their customers. Our M2B solution guaranties the data security through PDU encoding and also guaranties the secure accessibility in the system through OTP (One Time Password) security.

OTP Security


M2B one-time password systems provide a mechanism to access M2B service using a unique password which can only be used once, as the name suggests. This prevents some forms of identity theft by making sure that a captured user name/password pair cannot be used a second time. Typically the user’s logon name stays the same, and the one-time password changes with each access event. One-time passwords are a form of so-called strong authentication, providing much better protection to on-line bank accounts, corporate networks and other systems containing sensitive data.
M2B Server manages virtual devices by generating an OTP on behalf of the user and sending it to the user's mobile phone via SMS. A complementary service provided with the M2B server's SMS-OTP function is the access to the M2B system.

Transaction Alert


As M2B generate alert for any all of balance change so it ensure that no financial transaction will take place without the account holder’s concern through M2B platform.

Authentications & Data Security


» PDU encryption for SMS
» SSL Data Encryption for WAP & WEB
» Cryptography for soft POS & E-Commerce

M2B Architecture


Below is the solution architecture of M2B. M2B solution is capable to talk with mobile user through SMS, WAP & Device Client. It is also capable to talk with desktop application through Desktop client. In the other hand this solution is capable to communicate with both banking and prepaid system (IN) for financial transaction and provide service to Ecommerce, POS of store and Accounting system of different organization (i.e. School, Hospital, Pizza Hut, Ticket Seller etc).