02 Jun Mobile Banking Applications: Implementing WAP Billing
Wireless Application Protocol, commonly known by the acronym WAP, is a free worldwide standard allowing mobile tools like smartphones, iPhones and laptops to acquire an internet connection while becoming compatible with large network bearers. The ability to authorize transactions allows WAP to supersede the recent implementation of mobile banking applications through 2-way messaging (SMS).
The WAP billing process operates through Wireless Markup Language (WML), an HTML adaptation for constructing wireless applications via independent platforms. In a standard WAP billing process, data packets associated with wireless devices travel by way of wireless networks in the WML configurations to a WAP gateway/server. The most essential part of the data becomes reconfigured and transferred to a more common HTML-capable web server. The functionality of this process is only possible if the HTML packets successfully travel through a WAP gateway/server, en route to a wireless device.
The WAP solutions described are usually in two parts:
1) a WAP server that distributes information and applications and
2) a WAP gateway controlling access
The successful operation of these is based upon business models incorporated by banks/operators. At the present time, WAP banking systems are employing closed models that allow WAP servers and gateways to reside on the operating site of the network. This allows banks to release control of their information and provide access to mobile banking applications and operators. Unfortunately, the aforementioned closed models come equipped with a security flaw that protects vital information by way of “clear text” via the gateway. On the other hand, open model solutions equipped with gateway and server situations programmed within banks’ secured intranet will counter any threats while the closed models allow marketability free of burdensome installation costs for banks.
Let’s face it, in most cases it is required that customers take the initiative for their banking needs like going to an ATM, making a deposit or transfer, or calling a call center with their dreadful automated customer service systems. These are channels that require you, the customer, to take the initiative. Whether it is driving, walking or waiting, any delay can make managing our finances troublesome. However, if we take advantage of the fact that there is more than four times the amount of phones (smartphones, iPhones, etc.) as PC’s in circulation today, our lives could be less troublesome. With mobile banking applications and WAP billing being used by major banks around the world, banking can be done with less hassle, more convenience and more security.
By Jerry O Smith