Internet banking to leave PCs behind

Published: 16 July 1999 y., Friday
Early next year, Bank of America customers will be able to bank using mobile phones, electronic organizers or other hand-held, Internet-connected, wireless devices. The Charlotte, N.C.-based bank is expected to announce a deal today with Toronto-based technology company 724 Solutions Inc. in which 724 will provide software to let customers check balances, transfer money between accounts and pay bills with a variety of Internet-connected devices. Picture Bank of America having an electrical plug that needs to fit a wide variety of wireless phones and other machines before customers could bank using those machines. 724 makes software that is like an electrical adapter; it fits Bank of America to the requirements of each device. The companies say the entire connection will be secure.The idea is to make banking completely portable -- so customers don_t need a branch, a telephone call or even a personal computer to do it. And it could potentially net the nation_s biggest bank millions more customers. Nearly 12.2 million non-PC Internet-access devices will be sold next year, almost matching the number of PCs sold, according to International Data Corp. Mobile phones and pagers make up a large share of wireless devices. Few of the mobile phones used now connect to the Internet, but by the end of this year there might be 30-some models that will. Bank of America says it_s the only major U.S. financial institution to offer wireless banking. In May, the Bank of Montreal signed on with 724 Solutions to do much the same thing Bank of America plans, but Bank of America will have a ``more substantial' rollout of the service, said Greg Wolfond, 724 founder and chief executive. Initially, the bank will provide wireless access to standard banking products, he said, but there is always the opportunity to craft products specifically for that method of delivery.
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