Ericsson launches mobile banking services

L.M. Ericsson (ERIC) launched its own mobile financial services business today, offering mobile operators, financial institutions and others with a mobile money services that it said can be connected to a real-time, cross-border, cross-currency switching network.
Ericsson Money Services and its Money Interconnect Service is targeting mobile operators, financial institutions and others, the company said, adding that making mobile transactions from a phone will be as easy as sending an SMS message.
“A new market is opening up consisting of consumers whose first meeting with banks will take place over a mobile phone and who may never own a plastic credit card. People who may never enter a bricks-and-mortar bank now have the opportunity to ‘walk’ into a virtual bank using their phone. They will also benefit from more reasonable fees for routine transactions such as transferring funds,” said Semir Mahjoub, head of Ericsson Money Services.
The world’s largest infrastructure provider joins a long list of companies looking to combine mobile phones with financial services. In January, telecom giant Telef