14 February 2016

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

18 December 2012  |  6521 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.

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