Petra Financial launches mobile banking application – integrated by HSBC into their Managed Payments Service

HSBC MPS (Managed Payments Service), which is a platform delivered by HSBC to banks and corporate clients and brings together transactional banking, multi-bank connectivity and full data integration in an outsourced proposition, will now incorporate Petra Financial’s Touchstone Mobile Banking solution as an additional feature.

Touchstone Mobile is a mobile banking and finance application that works on smart phones such as the Apple iPhone, BlackBerry, and other 3G and WiFi phone platforms. Touchstone Mobile combines an exceptional combination of form and function that overcomes the complexity and difficulty of using a mobile device for banking. Its design and simplicity are turning banking and finance truly mobile.

HSBC is at the forefront among banks in offering a solution for payments automation, processing and directory services. HSBC already used Petra Financial’s Vortex solution as a service that allows clients to validate BIC and IBAN details before payment submission and, if required, derive these details from a bank name, address and BBAN (Basic Bank Account Number). This is subject to counterparty verification, but enables quicker and more accurate payment processing.

The addition of Touchstone Mobile now enables HSBC to offer an even more comprehensive Managed Payments Service to banks globally that now incorporates payments initiation, validation, and authorization either though a portal or smart phone, payments validation, processing, and integration with the core systems to deliver complete STP (Straight Through Processing).

The payments landscape has changed considerably in recent years, and in the present climate, many banks are seeking to outsource significant parts of their payments systems to a trusted partner who can provide a secure, cost effective, and reliable service that can be delivered under the bank’s own name.

Paul Nixon, senior product manager, financial institutions, global payments and cash management, Europe, HSBC Bank Plc, said: “The economic landscape has drawn many banks to the conclusion that it is no longer cost effective to own and operate every component in transaction processing. When these financial institutions look for trusted partners who can help them, HSBC stands tall as a partner, and technology provider. We are able to bring together the technology, the people, and the expertise to deliver payments solutions, with a relentless focus on reliability and innovation. We are delighted to add Touchstone Mobile to our product suite. It enables the end users – typically finance directors, high net worth individuals and other corporate executives to manage their cash flows, see statements, monitor transactions, and do this simply and without fuss. What we liked about Touchstone Mobile was the ability to customize it exactly as our clients need, and to be able to deliver a strikingly simple and effective client branded application that needs little or no training. This is key to getting mobile take up. We feel this goes even further towards meeting our clients’ needs for global payment solutions.”

Commenting on this collaboration with HSBC, Petra Financial’s Chief Executive Officer, David Sinclair, said: “This is a terrific endorsement for us that an institution as large as HSBC also has the vision in its approach to delivering innovation and customer service. As smart phones become ever more advanced as a platform it has enabled us to develop a really stunning application that is a superb combination of design and functionality. We recognized from the outset that to truly go mobile it was essential to turn the end users on; not off. Simplicity and style are key to this and HSBC’s adoption is a great testament to our design team. At Petra Financial, we are driven to assisting HSBC in the delivery of the mobile banking capabilities that will see the bank meet its business objectives.”

John Burton, Marketing Director of Petra Financial commented, “Touchstone Mobile is different because from the outset we designed an application that would appeal to users and be as uncomplicated as possible, whilst delivering what customers need. When an application appeals to users and they find it easy and effective they use it. Today’s mobile banking solutions are quite difficult to use, often badly designed and just put people off. Touchstone Mobile is the opposite and we can now really say its time to go mobile”.