Three Australian banks – the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB) and Westpac have together launched an ambitious startup entity Beem It, which is focused on payments. The project has been in the works for a few months. It has now been launched in both the Apple App Store and the Google Play Store. The app enables sending and receiving money, with an interface almost like a social media app. According to Beem It CEO Mark Wood, the organization will do pay, request, and split better than anyone else does in the market. The app is currently restricted to users with a Visa or MasterCard debit card, of which the company says there are 43 million across Australia. Being backed by three of the big four banks, Beem It says each transaction is authenticated and subject to real-time fraud monitoring.