The Dutch services and software company Virtual Affairs has developed functionality that enables customers to transfer money to someone’s Facebook account or mobile number, without having to know the bank account number.
The Dutch online bank Knab has planned to launch Knab Social, and new functionality in their app, in September.
Virtual Affairs has launched software to make social payments possible. This way they bring back the social aspect of a financial transaction. Knab is the first bank that is going to use Virtual Affairs’ software. Sijbrand Tieleman, CEO at Virtual Affairs: “It is not a coincidence that a Dutch services and software company and a Dutch bank together are the first to make payments through Facebook possible. We make peer to peer transfers simple and personal. This development is a response to the introduction of SEPA payments in Europe and the more complex international bank account numbers (IBAN).”
The functionality Knab is using to provide social payments is part of Virtual Affairs’ product BankingRight. A product that enables banks to offer innovative banking solutions to their customers. Tieleman: “This means that we can also offer this functionality to other banks where we improve and renew the digital channels.”
The software that makes social payment possible is SEPA compliant. This implies that the functionality meets the European regulations. The fact that this solution can be used by banks outside The Netherlands matches the international ambition of Virtual Affairs. Tieleman: “Traditionally The Netherlands is ahead when it comes to online banking. We believe that this functionally will definitely generate the interest of other banks as well.”
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© Finextra Research 2014