Launch of WAP Transaction Service
Old Mutual PLC
4 April 2000
OLD MUTUAL PLC
Old Mutual Unit Trusts in South Africa leads with WAP
transactions
Old Mutual Unit Trusts ('OMUT') in South Africa is
introducing the first so-called WAP (Wireless Application
Protocol) transactions in South Africa and believes that
it is the first unit trust company in the world to offer
this facility. This enables OMUT clients to buy, sell
and switch unit trust holdings directly by mobile phone
using the phone as an Internet browser.
WAP is a technology standard that has been developed by
the leading phone manufactures to deliver Internet
capability to mobile phones. In South Africa and
elsewhere in the world, there has recently been rapid
introduction of portals providing content for this new
Internet access mode, but this is the first time
transactions are done in this way.
The WAP capability has been built on top of OMUT's STP
(Straight Through Processing) Internet system. With STP,
buyers and sellers transactions are processed in real
time from stockmarket to banks and remain untouched by
human hands. OMUT was the first South African unit trust
company to introduce this capability. The WAP service
uses state-of-the-art security technology, including 128-
byte encryption of the data - the same as the Internet
access channel.
South Africa has an excellent record of rapid
assimilation of new technology and OMUT has recently
experienced exponential growth in clients' use of its
Internet services. OMUT has successfully partnered with
world class technology players Dimension Data, IBM and
Nokia in the implementation of this initiative.
OMUT is Africa's largest unit trust company with assets
under management of some £2.2 billion (Rand 22 billion)
and 30 unit trust funds.
Jim Sutcliffe, Chief Executive, Life, Old Mutual plc
comments:
'The introduction of this service for our 700,000 unit
trust clients in South Africa is testament to Old Mutual
plc's commitment to world class product innovation and
technology development in the quest to satisfy clients'
needs profitably. With the introduction of the WAP
service, we offer our clients the ability to manage their
investments anytime, anywhere in a fast, secure and cost-
efficient way.'
4 April 2000
ENQUIRIES:
Old Mutual plc
James Poole (London) Tel. +44 20 7569 0121
Paul Dold (Cape Town) Tel. + 27 21 509 3609
College Hill
Nicholas Williams (London) Tel. +44 20 7457 2020
Graham Fiford (Johannesburg) Tel. +27 11 447 3030
Latest directors dealings
- 39 minutes ago Trekor Metals Limited
- 39 minutes ago ECR Minerals
- 39 minutes ago Zotefoams
- 14 hours ago Luceco
- 14 hours ago Helios Towers