Commonwealth (ASX. CBA) bank has launched a new security access feature that confirms transactions made by each customer. Titled Netcode SMS, the system sends a code instantly to the user’s mobile device each time a transaction is completed. This service is free to all Commonwealth customers.

This new security feature allows the bank’s millions of customers a convenient and timely authentication process. As an additional advantage of the program, customers will be able to shop with additional security without being required to remember another password.

The Netcode serves as a PIN at an ATM, upon purchase, when consumers shop online. Many websites may command the customer to enter the supplied code into the shopping cart platform to confirm the purchase, just as some banks require patrons to complete an online money transfer.

According to Research and Markets, the Australian payment market is rapidly changing. Aussies are using less cash as the use of debit and credit cards has increased. With such news, this service is expected to be frequently utilised and to become a favourite of consumers.

Commonwealth Bank is the largest bank in Australia, with operations in Australia, New Zealand, Indonesia, and Singapore, amongst other locations. The bank services personal consumers to small and large businesses, offering loans, transaction, and savings accounts as well as credit cards.

CBA’s closing stock price on August 31st was $50.30; the company was down 4% during the month.

Source: http://www.commbank.com.au/