Misys has launched GeoGuard, a new location-based banking service.

This makes use of social media applications to allow customers to confirm their location to authorise bank transactions. “The launch of GeoGuard is an exciting opportunity for consumers and can help reduce the cost of fraud to banks,” says Tim Tyler, solution manager, Misys. “By mashing up banking and location-based services, customers will be able to improve control of their funds automatically with a little help from their existing location-based social networks’ interactions. GeoGuard allows the bank to benefit from these social networks in a highly secure way that gives the customer total control and confidence.”

Built and delivered on Force.com, salesforce.com’s social enterprise platform for custom app development, the service can be easily implemented on a bank’s existing infrastructure, as there is no on-premise software or hardware to install. Security, scalability and availability are all handled by the Force.com platform.

GeoGuard does not provide banks with customer tracking information - it lets customers choose their preferred method and frequency for confirming their location to their banks. Misys acts as a third party - never allowing the bank to be in possession of the customer location. By leveraging existing social network services that incorporate location information, such as Facebook Places, foursquare, Gowalla and TripIt, customers do not have to access a specific bank service in order to update their bank.

The service can also be offered to a bank’s customers who prefer not to use social networks by allowing integration directly with existing channels, such as e-banking and mobile banking.

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