23 October 2016
Visit www.dh.com

Dutch outfit Virtual Affairs develops system for Facebook money transfers

28 August 2014  |  2449 views  |  0 Source: Virtual Affairs

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.”

European ambitions
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.”

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Find out moreFind out morehttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
35478 views comments | 124 tweets | 230 linkedin
New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSCNew EU rules could cost UK firms £122...
10904 views comments | 31 tweets | 37 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8525 views comments | 26 tweets | 19 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
7060 views comments | 29 tweets | 22 linkedin
Indian banks hit by massive ATM breachIndian banks hit by massive ATM breach
6759 views comments | 16 tweets | 25 linkedin

Featured job

to c.£100K base, double OTE
London, UK (covering Europe)

Find your next job