"The system enables mobile subscribers to remotely bank, access banking services, transfer money, check their account balance, recharge mobile pre-paid, and pay bills via their cell phones.
The system includes a software application stored in the SIM card, a server and software that interprets the messages that are exchanged between the banks and the SIM. The messages are encrypted in the SIM chip and decrypted at the banks’ server, which translates the messages to a specific format."
