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Transfer application revolutionizes money transfer between banks

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Real-time money transfer between banks is finally possible thanks to the Transfer application launched by Automatia. The historic, first-time money transfer between banks took place yesterday, March 20, when Goodbank launched the Transfer application, and the money moved in real time between Good Finance and Goodbank. With traditional bank transfer payments, it takes 1-2 business days to account to be transferred to different banks.

What is the Transfer app?

What is the Transfer app?

Transfer is a free mobile app designed to make money transfer easier, faster, and safer. The absolute advantage of the application is that it is able to provide real-time money transfers between users of different banks. Registered users can easily transfer money to each other based on the payee’s phone number alone.

Currently, only Goodbank and Good Finance offer their customers the opportunity to use the Transfer.

Transferring money between individuals

Transferring money between individuals

In addition to transferring money between individuals, the Transfer can also be used for payment in online shops and at the checkout counter at a mobile payment terminal, but the Transfer does not provide the same security for payment as, for example, a credit card.

How Does Transmission Work?

How Does Transmission Work?

Deploying the transfer application requires online banking IDs, a smart phone, a payment account, and depending on your bank, you may need a bank mobile application or a bank access code application. No credit card information is entered into the service, money is transferred from account to account.

The app allows you to transfer money to other registered users based on a phone number only. If you try to transfer money to an unregistered user, the application will warn you and will not transfer money. Security limits for payments are bank specific. For example, Good Finance customers can transfer up to € 1,700 per day for an application while for Goodbank customers the equivalent amount is € 20,000.

In addition to sending money, the app allows you to receive notifications of payments received, send payment requests, and view all payment transactions made through the Transfer.

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