SOURCE: Sapphire Mobile Systems

January 23, 2007 08:00 ET

Innovative SMS Mobile Payment and Banking Alternative Being Tested by Top Banks

Phire® Mobile Debit Network™ Now in Trials

WEST CONSHOHOCKEN, PA -- (MARKET WIRE) -- January 23, 2007 -- Today, Sapphire Mobile Systems announced the live version of its Phire mobile banking and payments network. Currently in trials at two major US financial institutions, the Phire network gives all banks and prepaid debit card issuers the ability to provide their customers with instant access to their accounts using the Short Message Service (SMS). Phire does not require any equipment upgrades or changes on the part of the bank or their customers as SMS is already available on mobile handsets. The service allows consumers to check balances, transfer money between accounts and pay bills through their bank's existing bill pay system.

"Using Phire with your existing bank or prepaid debit account is not only easy, but a compelling alternative when payment by credit card is not possible and carrying large amounts of cash is not safe or secure," commented Richard A. Rasansky, CEO of Sapphire Mobile Systems. "Phire uniquely uses SMS as a secure transport medium to reach all mobile users regardless of their phone type, level of technological literacy or language preference. Young or old, high tech or low tech -- Sapphire was designed from the ground up to be readily available and accessible to anyone and everyone with a mobile phone, requiring no software downloads, installations or hardware upgrades."

Using the patent-pending Phire Mobile Debit Network, consumers can securely send cash to anyone with a mobile phone. The recipients of these mobile transactions will have instant access to their received funds at any ATM or virtually any point of sale device. Additionally, merchants can accept Phire payments at significant savings over credit cards. In short, the Phire system turns any mobile phone into a mobile ATM. Sapphire, headquartered in Philadelphia, PA, is privately funded. After two years in development, the company is currently in trials with two leading banks with a scheduled roll out of the first Phire-enabled products to the general public in the first quarter of 2007.

Interested companies should contact Jim DuFon, EVP Sales at sales@phire.com or call (215) 701-9428 for more information.

About Sapphire Mobile Systems

Sapphire Mobile's Phire® mobile banking and payments network enables any bank or prepaid debit card issuer to provide their customers with instant access to their accounts using the Short Message Service (SMS) that is available on every mobile handset. The Phire Mobile Debit Network™ allows consumers to securely send cash in real time to anyone with a mobile phone to check balances, transfer money between their accounts and pay bills through the bank's existing bill pay system, all without requiring the consumer to upgrade their hardware or install new software. Merchants can accept Phire payments at significant savings versus credit cards and can generate revenue as cash loading stations for prepaid debit accounts. Financial institution connectivity to the Phire Mobile Debit Network is 'bank friendly,' requiring little or no integration to a bank's infrastructure.

In short, the Phire Mobile Debit Network turns any mobile phone into a mobile ATM. Sapphire, headquartered in Philadelphia, PA, is privately funded.

Contact Information

  • Media contact:
    Xenia von Wedel
    Terpin Communications Group for Sapphire Mobile Systems
    (415) 595-2030
    Email Contact