Transfer money to any bank with new mobile app

SINGAPORE: The Commonwealth Bank Indonesia has announced the launch of a mobile banking application with breakthrough technological, investment and security features.

Commonwealth Bank's Mobile Banking Application provides anytime, anywhere control over financial transactions, safeguarded by a top security system, a release said.

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The release added that the new mobile banking application by Commonwealth Bank Indonesia is the first of its kind in Indonesia with respect to a host of new functionalities: It is the first to offer customers the option to transfer money to any bank in Indonesia and to any bank in the world, the first to do funds transfer without having to pre-register beneficiary account, the first with ability to open time deposit account, the first to buy/sell foreign currency, the first to purchase mutual funds, and also the first to see mutual funds portfolio value.

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The bank is offering largest mobile banking transaction limit of IDR200million/day, and comes with highest security authentication process using a special security token device.

The new mobile banking application combines all key functionalities from account enquiry like account movement details and investment portfolio details. With the internal and external transfer of accounts within Commonwealth Bank Indonesia and across other banks, it offers transactions like remittances, term deposits, or investments on mutual funds right on the mobile. The new mobile banking application is currently available on iPhone and Blackberry.

"This new mobile banking application will change the way how people in Indonesia will experience banking", predicts Navtej Singh ("Naffi"), CEO & Co-Founder of Tagit. "Built on our state-of-the art Mobility Middleware Platform and leveraging our experience in the banking domain, the new banking application is undoubtedly one-of-its-kind - and it will surely excite users."