Citibank recently posted a short FAQ (click here or view screenshot below) on its website that confirms what we had suspected about its upcoming launch of mFoundry-powered Citi Mobile (see previous coverage here and here).

Here's what we now know:

1. The service will be FREE of charge

2. It will be a downloadable app (unlike the SMS-based service in India shown above)

3. It will work on approximately 100 cellphone handsets

4. It will work across multiple wireless carriers

5. It will include bill payments and funds transfer

6. A direct link to customer service is provided

What we still don't know:

1. Will is support SMS/text messaging?

2. What login/security process will be used?

3. Will it work with all Citi checking accounts or only certain products?

4. Will it work across all major carriers?

5. Will it require a full data plan at the carriers?

As you can see from the Citibank India graphic at the top of the page, major banks offer mobile access in much of the world. But in the U.S., the Citibank launch is a major milestone as the first downloadable application that can be used on common handsets. For more information, see our latest Online Banking Report, Mobile Banking & Payments 2.0 (OBR 138/139).

Click on the screenshot right, to see the Citibank FAQ on mobile banking. Or go directly to its website here.