New technology allowing customers of UK banks to manage their accounts through their mobile phone is being introduced, reports the BBC.”Lloyds TSB will next month be the first to allow customers to transfer funds between accounts within the same bank via their mobile.

The software already exists which would allow people to make payments to other people’s accounts, but the banks have chosen to bring in this system slowly.

… The system, run by a mobile money network called Monilink, also allows parents to top up the credit on their children’s pay-as-you-go mobile phones via their own.

A text alert service for when customers are within £50 of their balance limit is also in place.

This new development will allow consumers to download some simple software to phones with internet access and a colour screen. They will then enter a six-digit security code before they can view their balance or transfer money between their own Lloyds TSB accounts. “