The child calls and needs money in his account? Should I pay for a Facebook shopper shop?
Certainly familiar situations for many. Circulation of money is vital to the economy, but credit transfers, for example, transferring money from one bank account to another, have been far downright painful.
For example, if you have not transferred money within the same bank, it may take up to several days. It may have seemed crazy in a world where everything should happen quickly and efficiently.
Thus, a solution has been sought.
The new express transfer service is called Transfer
HS reports that a new transfer service is scheduled for March 2017. This transfer service (currently referred to as simply “Transfer”) would significantly speed up the transfer of money from one account to another. It has been tentatively promised that money will move from one account to another within seconds.
Slightly similar services have been developed in the past. For example, Good Finance Bank in Mobile Pay has enabled wire transfers but is based on a payment card, not an account. Nor has it worked completely without delay.
How does the Migration Service work?
Quick Transfer works either with your own standalone application or through your bank’s mobile app. For example, with Good Finance you can use Instant Transfer with the Good Finance Pay app or download a separate app if you have an iPhone or Android. With the S Group, you can activate express transfer on Goodbank’s S-mobile.
After downloading the app, you can transfer money by entering the recipient’s phone number. The recipient must also have enabled the application. The system tells you if the recipient candidate has enabled the application, so the sender doesn’t have to worry about transferring money “in vain”.
What is Automatia?
Have you ever wondered why you get your money right away from your account (whatever your bank) when you use an ATM, no matter which bank you are a customer of?
The new express transfer is largely based on existing technology used by ATMs. Automated ATMs have an infrastructure account where ATMs are linked in real time to the accounts of all banks and this will be utilized in the new express transfer service.
The new service has been developed by Automatia ATM, which is owned by one third of Finland’s three largest banks: OP Financial Group, Good Finance and Good Finance Bank. However, you do not need to be a customer of any of the above banks to use the application, as the application can be enabled.
Why do banks publish the Transfer application now?
It is, of course, fintech, that is, harnessing new technologies for business. Fintech is now on everyone’s lips and has traditionally been regarded as the pitching field for agile start-ups.
The transfer service is now behind the owners of Automatia, the largest banks in Finland. It is these who have been criticized for not being able or willing to be renewed the giants, even though the world around them has changed.
The Migration Service can be a way for big players to show that they want to be involved in development and provide fast and smart services.
In more formal contexts, still credit card
This transfer enables fast money or bank transfers between consumers, you and me. Family members and those who buy at the Facebook flea market can exchange numbers, and thus money.
However, the transfer (at least not yet) is not intended for the so-called. for a more formal online shop. So if you want to buy a new laptop from Gigant’s Black Friday sale, or the latest Ilkka Paddle as a Christmas gift for dad, you should still use your credit card. It helps you, your purchases and your money be more secure than, for example, paying by bank transfer.