High street banks HSBC and First Direct will be the first to offer the next generation of mobile phone banking in the UK when they launch 'MoniLink' later this year.

Customers will be able to use MoniLink, a banking platform based on the LINK cash machine network, for 24-hour secure access to banking services.

The new service will compliment existing internet and phone banking by offering things such as mini statements and balance enquiries through a mobile phone.

After downloading an application to a mobile phone, registering and being authenticated, account holders will have secure 'on-demand' access to their finances.

Richard Kimber, chief executive of First Direct, said: "First Direct pioneered text message banking six years ago and we now send around 40 million texts to our customers every year, helping them manage their money.

"We see MoniLink as the natural next step for mobile phone banking, offering a snapshot of your finances whenever you need it, day or night."

MoniLink has been recognised by World Economic Forum as a 'technology pioneer' with 'life changing impact on a global scale'.