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ICICI Bank offers Twitter-based fund transfers

ICICI Bank has introduced a Twitter bassed fund transfer services for its customers. The bank said the customers can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance. The user will have to subscribe (`follow’) the bank’s Twitter handle and register for the facility. For fund transfer, the sender needs to know the beneficiary’s Twitter handle. The sender will get an SMS with a unique code after the transfer; the beneficiary would need to enter it on the special webpage where he/she would be directed, to complete the transaction. Rajiv Sabharwal, ED of the bank, said this service complies with all the regulatory requirements of two-factor authentication. The bank is using the NEFT or RTGS for the transfer and will soon be joining IMPS mode too, he said. The bank will not charge for such fund transfers but the sender will have to pay the fees as applicable for a NEFT or RTGS transaction. Beneficiaries who have account with another bank will have to put in that bank’s IFSC code to receive the payment. The bank said it is the first in Asia and only second in the world to offer a Twitter-based fund transfer service.

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