The partnership enables customers to open an O2 bank account online using Fidor’s cloud-based infrastructure.
Identity checks for customers opening an account will be done via video telephony on their smartphones. Money transfers can be made by selecting the recipient’s mobile phone number from the address book for transaction.
Fidor Bank CEO Matthias Kröner said: "This partnership is the first truly disruptive alliance in Germany between a successful digital telecoms company and an innovative digital bank.
"Our collaboration gives customers the best of two digital worlds: quick and easy banking services via a mobile app, combined with innovative additional services from their O2 mobile contract."
The bank said the security standards for O2 banking services are similar to those provided in a normal baking account.
The O2 Banking MasterCard can be locked or unlocked directly at any time by using the app. Customers can also give card details for online shopping, without having the physical card to hand, it said.
A financial planner available on the app details about the spending of the customers and on request it will be informed in real-time transactions and events by app push notifications sent to their smartphones. Customers can also avail small emergency loans directly from the app.
Fidor Bank in a statement said: "Users of O2 Banking benefit while using an O2 mobile contract of a staggered and free increase in their monthly high-speed data volume, which can be redeemed at your fingertips. The amount of the additional data volume depends on the sales of O2 Banking Card."
The "No stack Banking" banking license offered by Fidor allows companies to provide digital banking service without having their own license. Fidor’s banking license is valid throughout Europe.
"No stack Banking" based on the cloud-based, self-developed banking infrastructure Fidor Operating System (FOS).
"Fidor OS is modular and includes communications platforms for the direct exchange with customers via web or mobile application, data analysis, loyalty programs for customers, forecasting models, payment solutions, banking, community solutions, content management systems, etc.," the bank added.
Image: Telefónica Germany headquarters in Munich. Photo courtesy of Telefónica.
