F1soft is the largest and most preferred Mobile Banking solution provider in Nepal. F1Soft rolled out its Mobile Banking solution aptly named fonebank in 2010. Coupled with the high rate of mobile penetration in Nepal, It has been the perfect solution for banks to reach out to the rural parts of Nepal that was previously out of reach of formal banking services. Today, more than 50 financial institutions are using this solution to deliver their services to people in from all corners of the country.
Fonebank is an SMS based service that comes with an easy to use mobile app through which customers can enquire about their balance and transactions, receive transaction alerts and conduct intra/inter bank fund transfers. They can even pay for utility services, purchase recharge cards and airtime topups; all from their mobile phones. Through seamless integration with Core Banking Systems, fonebank’s innovative capabilities take care of the modern banking needs of customers allowing them to literally bank at the tip of their fingers.
At the bank’s end, the administration of the system is based on the maker/checker concept adopted by banks with well-defined and customizable control features. Branch wise segregation of customers and administrators along with detailed reports, logs and audit trails make this the complete system for financial institutions.
Two factor authentication along with encryption of SMS texts makes fonebank as safe and secure as any other modes of digital banking available today.