May 24, 2011

New Apps From Fidelity, Pershing, Schwab Introduce Mobile Check Deposit, Expansion to Android

A flurry of new launches and expansions in the mobile app world provide new or enhanced capabilities

Fidelity and Charles Schwab are focusing on clients who can't put their smartphones down with apps that allow mobile check deposits, and the NetX360 circle got a little bigger for Pershing advisors with a mobile app that works on the the Android platform.

Fidelity launched apps on Tuesday that allowed clients to pay bills, move money and deposit checks on iPhone, iPad and Android devices.

Currently, Fidelity Mobile apps provide account information, market updates and quotes. The Mobile Check Deposit service allows clients to take a photo of a check and send it to Fidelity to deposit in a non-retirement account.

Fidelity BillPay, already a popular feature on the website, allows clients to pay bills from their phones, and Mobile Money Management allows clients to move money between Fidelity accounts, as well as to and from other banks.

“For mFidelity logoore than a decade, Fidelity has been a leader in mobile brokerage technologies and our powerful new apps have been a big hit with clients who want to check their account balances, get quotes, see breaking news, and make trades from wherever they happen to be,” James Burton, president of Fidelity’s retail brokerage business, said in a statement. ʺFidelity wanted to further enable clients to leverage mobile capabilities to now manage cash, deposit money, and pay bills on the go.”

The apps are currently available on iTunes or the Android Market. Interested clients can also go to www.fidelity.com/mobile and scan a quick response code that will automatically download the appropriate app to their device.

Schwab logoFidelity's not the only broker to feature mobile check deposit capabilities. A tweet from Charles Schwab on Tuesday said that mobile check deposit would be available for iPhone users "this week." A spokesperson for Schwab expected the iPhone app to launch Thursday, May 26, but noted that the launch date could change by a day or two depending on the iTunes App store's schedule. An app with similar capabilities for Android users is expected some time in June.

According to a spokesperson, Schwab is expected to announce a 401(k) app for iPhone that will provide view-only access to account information is expected to launch in early June. An Android app will follow in the next few months, with enhancements to both apps expected in the coming year.

Also in the app world, Pershing announced Monday that it has launched a version of its NetX360 platform that is compatible with Android. NetX360 is already available on iPad, iPhone, BlackBerry and Windows Mobile. The NetX360 mobile platform provides access to account information, positions and trading.

"Increasingly, investment professionals and advisors are turning to mobile devices to better support a wide range of business needs from client presentations to implementing trading ideas through a smartphone or iPad,” Suresh Kumar, chief information officer of Pershing, said in a statement. “The availability of NetX360 on mobile devices provides our customers with the ability to utilize all of NetX360’s capabilities no matter where they are, and provides them with the same level of security and encryption as their desktop NetX360 application."

The new app is available to download for free on the Android Market.

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