Fidor Bank, Telefónica Germany to launch O2 first mobile bank account

The collaboration offers banking services via a mobile app and additional services from an O2 mobile contract.

The identity check is via a video link using a smartphone. To transfer money, customers have to enter the mobile phone number of the recipient in the address book and select it for a transaction.

The bank says the security standards for O2 Banking are the same as for a “normal” current account.
The O2 Banking MasterCard can be activated or deactivated directly at any time via the app, and the card details can be presented for online shopping, without having the physical card in hand.

A financial planning tool gives customers an overview of their spending and on request they can be notified in real-time of transactions and events by app push messages sent to their smartphone. Smaller consumer loans will be available directly via the app.

The service will initially only be available in Germany, where O2 operates under the name of Telefónica.

It provides a banking licence that is valid throughout Europe, along with individual customer, card and transaction services.

Fidor’s technology runs on a proprietary cloud-based infrastructure called the “Fidor Operating System” (FOS).

FOS is a modular program that includes communications platforms for direct interactions with customers via web or mobile apps, data analysis, customer loyalty programmes, forecasting models, payment solutions, banking, community solutions, content management systems.