09 February 2016

CIMB Bank creates money transfer and social savings app for Facebook friends

18 December 2012  |  6510 views  |  0 Facebook

Malaysia's CIMB Bank has extended its Clicks Internet banking portal to Facebook to provide its 3.6 million online banking customers with an application for transferring funds between friends on the social network.

The service, dubbed OctoPay, enables users to send money from their CIMB Bank or CIMB Islamic deposit accounts via single third party transfers to other CIMB Bank or CIMB Islamic account holders.

OctoPay users can also invite their friends to contribute to a savings pool and share money online. They can initiate group fund transfers between family, friends or colleagues for any planned event. It also acts as a collection tool whereby users can create funds for a specific drive or charity cause.

Renzo Viegas, group deputy CEO and head of consumer banking, CIMB Bank comments: "With OctoPay, we also hope to educate the public on how easy and secure it is to conduct banking transactions via social media as well as collectively encourage savings behaviour among the public."

Once registration and account set up is done, transfer of money among Facebook friends can be affected by accepting each other into their OctoPay list. Each OctoPay transaction is encrypted with a AES256 algorithm and requires a Transaction Authorisation Code (TAC) for confirmation at all times. For added security, a RM500 per day transaction limit is imposed on Facebook users registered with OctoPay.

CIMB has had an active presence on Facebook since 2010 and lays claim to being the region's most 'liked' bank with over 1.3 million fans across the Asean region.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

07 September, 2012
20 July, 2012
05 July, 2012
20 June, 2012
18 June, 2012
23 April, 2012
01 March, 2012
03 February, 2012
18 January, 2012
18 January, 2012
03 January, 2012
18 November, 2011

Related company news


Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
11602 views comments | 51 tweets | 44 linkedin
Digital transformation driving earnings at...
10007 views comments | 47 tweets | 40 linkedin
Visa opens up to developers
8207 views comments | 23 tweets | 41 linkedin
ECB eyes up European P2P payments
8061 views comments | 29 tweets | 39 linkedin
It may take ten years, but blockchain tech...
6885 views comments | 21 tweets | 19 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits

Find your next job