Tarang Software launches 'Mobile Wallet'

BANGALORE, INDIA: Tarang Software Technologies (Tarang), a leading provider of payment solutions to banks, has announced the launch of 'Mobile Wallet', the mobile version of its celebrated account aggregation solution “Account Wallet”. Mobile Wallet is designed to meet the demands and growing trend of mobility in banking.

Mobile Wallet is an account aggregation solution delivered on mobile phones, which seamlessly fits into a banking institution’s existing Mobile Banking Solution.

Mobile Wallet allows a bank’s customer to access their entire financial portfolio via their mobile phones securely, while the bank takes their gamut of offerings one step further and enhances their repertoire of Mobile Banking Solutions, with effortless ease, without compromising quality or security.

Announcing the launch, V. Rama Kumar, Chairman and CEO, Tarang said, “To stand out from a swelling crowd of competitors, companies in financial services must find ways to broaden their portfolio and enhance the customer experience. With Mobile Wallet and a company that is a proven leader in payments technology such as Tarang, this becomes a ‘plug-and-play’ situation for banking institutions looking to find new ways of engaging customers with their brand, leveraging new technologies and enhancing their solutions repertoire.”

“Tarang is a pioneer in the Account Aggregation technology. We were the first to implement this in India with HDFC Bank and in Japan with Monex Securities. We hope to achieve similar laurels with Mobile Wallet," added Rama Kumar.

With Mobile Wallet, a bank’s customers can now access, view, print and receive alerts on all their financial information, including online banking, bill pay, brokerage, loans, credit cards, insurance, fixed deposits and reward points information, not only from the bank offering such a solution, but also from other financial institutions, through a single user interface. Essentially, the service provides the convenience of remembering only a single Internet banking password to access and manage multiple accounts online with built-in security to protect consumers and their data.

The solution consists of a turnkey solution which includes the product, system integration training and maintenance. Tarang would set up and reconfigure the product to integrate within the Bank’s existing branding and mobile banking system as per requirement, and develop necessary secure interfaces with its back-end system. The solution can be scaled to include a host of banks for which the client wants to offer on its own platform, account aggregation facility.