Fiserv, a global provider of financial services technology product, today announced the availability of Mobiliti Business, a banking product designed to meet the needs of business banking users, according to a press release.

Mobiliti Business delivers mobile banking and payment services to small and mid-size businesses via downloadable apps for iPhone or Android devices. The product is integrated into the Business Online banking service from Fiserv, and there are plans for additional integrations.

"There is strong demand among businesses for mobile banking capabilities from their financial institutions," Christine Barry, research director at Aite Group, said in the Fiserv announcement. "However, many banks and credit unions try to serve the business audience with a retail product, or a slightly modified retail product. That's a missed opportunity for financial institutions to better engage with businesses by offering the customized digital banking services they need."

The design of Mobiliti Business was based on proprietary Fiserv research into how businesses actually think about financial tasks, including maintaining an overview of their overall financial status, and paying, requesting and receiving money, according to the announcement.

Fiserv said Mobiliti Business delivers functionality crucial to business owners as well as those with authorized account access, including:

• approval capability — activities such as internal transfers, ACH transfers, wire transfers and positive pay exceptions can be reviewed and authorized;
• push notifications — account users can be proactively notified when an approval is needed;
• security — multifactor authentication and user entitlements enable customizable access to accounts and functionality;
• transfers from template — funds can be transferred between accounts using templates set up online; and
• mobile deposit capture — checks can be deposited using a smartphone camera.

"If we can make mobile banking quick, easy and secure for our customers, then we can free up time for them to focus on running their businesses, which is invaluable to them," said Vikki Daily, vice president of systems and operation for Five Points Bank. "With Mobiliti Business, our customers have access to the functionality they need to stay in control of their finances. The positive response to our pilot of the service revealed a significant amount of pent-up demand for these capabilities among our business customers. Additionally, the security features revealed to our commercial customers using our cash management system reassured them that this is a safe-secure banking option."