KeyBank has agreed to use Fiserv Inc.'s Mobile Money cell phone banking system.
Fiserv said Monday that KeyBank will adopt Mobile Money as part of its "strategic growth plans for the mobile channel." The Brookfield, Wis., technology vendor already supplies KeyBank with an online bill-payment system and other products.
Allison Landers, the senior vice president of virtual banking at KeyBank, of Cleveland, said in a press release that Fiserv's mobile banking system "will enable KeyBank to reach the mobile devices of both our online and offline customers across all bank business lines, with the potential to reach our return-on-investment targets faster than other approaches we considered." Mobile Money functions through text messages, a mobile Web browser and a downloadable application. It allows users to check account balances and transaction histories, transfer funds and pay bills.