HSBC Brings Business Banking to iPhone

Global bank HSBC is now offering its business internet banking services to UK customers using the Apple (AAPL) iPhone and iPod Touch.

HSBC (HBC) claims to be the first financial institution to offer this type of service on these mobile devices in the UK. The bank launched the service for BlackBerry devices in October last year.

Thanks to the new service, the bank's 325,000 business internet banking customers with an iPhone or iPod Touch can securely monitor their financial transactions, make payments of up to £100,000 per day, apply for overdrafts and set up and manage pensions.

The bank's online-only division First Direct has been offering online banking on the Apple devices since January 2008 but it's only now that HSBC business customers have been able to enjoy the service.

Huw Morgan, head of business banking at HSBC, said that around 70 per cent of business customers choose to bank online and the new way of accessing the service should increase the number of people using it.

The bank is looking at rolling out the service to other mobile devices in the near future.

HSBC recently said it is overhauling its approach to transaction monitoring and examining how emerging technologies could improve security.

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