TD Canada Trust is looking to tap into the growing use of social networking sites by launching an application on Facebook that enables roommates to track and manage how they split household bills.The bank says its 'Split It' application can be used to divide bills, view outstanding debts and manage balances.
Once a user has signed up for the application they can add their roommates and begin managing their finances - although they cannot pay any bills with the tool.
The application appears on the customer's Facebook profile and displays the status of outstanding bills and details of any money owed to the user. The bank stresses that no financial details can be seen by fellow users.
Californian start-up BillMonk, acquired by mobile payments firm Obopay in January this year, offers a similar application.
TD Canada Trust is not alone in developing financial services for the rapidly growing Facebook community. Californian start-up Lending Club recently launched a person-to-person service on Facebook, while rival lending platform Prosper introduced its Fantasy Banker application which allows users to bet on real-life, real-time loan listings on the Prosper Web site.
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