Lloyds TSB, the UK bank which merged
with HBOS last year to form Lloyds Banking Group, has launched text
message balance updates for its customers via a new ‘Balance on
Demand’ service.
The service, developed by Monilink, the joint
venture between m-banking specialist Monitise and payments firm
Vocalink, includes the option to set-up ‘high balance’ and ‘low
balance’ alerts, at which point customers can instantly transfer
money between a savings account and a current account using their
phones.
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The bank said it launched the service in
response to customer demand, adding that users of its existing
mobile offering are now transferring more than £500,000 ($809,000)
every month.
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