Transfers in seconds for ANZ goMoney users

ANZ claims that its goMoney iPhone application has a speed advantage over many of the other banks' mobile applications, saying that users of the goMoney application would be able to access their account balances within 10 to 15 seconds.

The ANZ has adopted an easy log-in - once registered, users will be able to access goMoney using a four-digit pin. (If they lose their phones they need to call ANZ to stop the service in much the same way they would need to inform the bank if they lost a credit card.)

Once logged in they can view balances, manage accounts and make payments.

In a snazzy trick the application allows goMoney users to click on a contact in their address book, and then send a payment of up to $1000 directly to that phone.

If the recipient is a goMoney user the deposit is made immediately. If not then the payment process gets a little more clunky.

Where recipients aren't goMoney users the payer will receive a notice with a claim code, which they then provide to the recipient. The recipient logs onto a website, inputs their phone number, the claim code and the amount being paid, after which they are prompted for an account name, a BSB code and account number, at which point the money is transferred to their account.

The recipient has seven days to claim the payment, after which time any unclaimed funds are returned to the payer.

At present the application is available only for the iPhone, although Dalton said that the bank was monitoring the uptake of Android-based mobile phones which may be the next smartphone platform for the product. A Blackberry version seems less likely. The next update of the application will also feature a BPay facility, which is surprisingly lacking from the current version.