Vodafone has teamed with the Commonwealth Bank to launch Australia's mobile phone banking service from September 1999.
Customers will be able to use Phase 2+ mobile phone, incorporating a subscriber identity module (SIM) card to access banking service options and encrypted account information which will be displayed on mobile phone screens.
The service will be based on short-message service (SMS) which will transfer messages between the user and the Commonwealth Bank.
ComBank outsourcer EDS will provide systems development for the project.
Initial banking services available via mobile phone include account balance checking, funds transfer between accounts, bill payments and display of account transaction histories.
The partners expect to add advanced e-commerce options such as stock trading as wireless technology develops.
"Conducting banking transactions through mobile phones will be especially useful for Commonwealth Bank customers in regional areas, for those who are regularly on the road, as well as those who operate small businesses," said John Mulcahy, head of banking and finance services, Commonwealth Bank.