Telefonica Germany, in association with Fidor Bank, announced the launching of its mobile banking service, O2 Banking in late summer 2016, allowing quick and easy banking services via a mobile app.
With the online banking offer, users will just take a few minutes to open an O2 bank account. The entire process is completed online without requiring physical presence, and indentity checks are conducted quickly and easily via a video link using a smartphone. Users can then conduct a variety of transactions including transfer of money using phone numbers stored on their mobile devices, added Telefonica.
Fidor’s ‘no-stack’ banking technology which runs on a proprietary cloud-based infrastructure called the “Fidor Operating System” (fOS) enables service providers such as Telefónica to offer customers a fully-fledged banking service, without having to develop its own banking infrastructure, said the vendor. Additionally, the bank takes care of the licensing requirements for the delivery of digital banking services, freeing Operators from having to secure their own permit. The banking license provided by Fidor Bank is valid throughout Europe, along with individual customer, card and transaction services.