Something of a war has broken out between Mint and Wesabe over the mobile financial applications delivered via iPhones. Wesabe launched an iPhones app that offers a white-label solution that allows banks to offer services under its own brand, So now any bank that wants to can offer an iPhones app. Mobile banking is slowly getting some traction, but downloadable applications from third-party vendors are still in the embryonic stages.

America Banker notes that Wesabe has developed an API set that, the company says, will allow banks to tweak the software with custom features, including payment-related ones. Interestingly, one of the most frequently requested features from end users is an automated teller machine finder application, which banks could develop themselves. For banks this would represent quite a bet. The return on these sorts of investments is still uncertain. And the build versus buy decision is always tricky. My sense is that people will wait for more proof of returns and hope they can roll-out services quickly via a third party when the time is right. So Wesabe may be on to something here. 

For more:
- here's the article
- here's a look at Mint vs. Wesabe from the Washington Post

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