Mobile banking service launched across UK

IT firm Morse and the Link cashpoint network have teamed up to launch a mobile banking service across the UK.

MobileATM, the joint venture company, will provide services to the 37 banks connected to the Link network.

Customers will initially be able to check their balance, authenticate internet payments, and transfer funds to their mobile phones.

It is hoped that the service will facilitate mobile payments direct from mobiles, for example to pay for parking meters or tube tickets.

Royal Bank of Scotland, Lloyds TSB, the Co-operative Bank, Nationwide and Bank of Ireland are expected to be the first users of the service.

Unlike most existing mobile banking services, which continually send alerts to mobiles, the service will allow customers to request information only when needed.

The venture comes after the recent collapse of Simpay, a payment system backed by the leading operators.

Andrew Bud, chairman of mobile firm Mblox, said: "This marks an important step in the delivery of financial services via the mobile phone. Monitoring and controlling cash using mobiles is rapidly becoming part of the economy."

First Direct said that 400,000 of its 1.2 million customers already use its text messaging banking alert service.

Users of MobileATM will need to have phones capable of downloading and running a small Java application.