CDB launches e-finance platform to transfer funds through Facebook

Citizen’s Development Business Finance - CDB’s revolutionary e-finance platform CDBiNet is using the contemporary role that Facebook plays in people’s current lifestyles to initiate fund transfers.

CDBiNet, the first of its kind e-finance platform in Sri Lanka, very simply allows any CDBiNet user who has a CDB Savings Account to transfer funds to Facebook friends via Facebook itself and does not need to know any bank account details of the recipient. This fund transfer via Facebook is yet another first for Sri Lanka and further emphasises CDB’s pioneering innovations in using technology as a fundamental advantage for its constantly expanding product and service portfolio. With CDB savings account holders now eligible for this facility, customers gain added convenience for their financial operations.

Fund transfers via Facebook can be at present from a desktop/laptop and the recipient (FB Friend) can receive the funds via any mobile device or laptop/desktop that have access to a Facebook account. “The biggest advantage of the FB transfer is that the receiver does not share individual bank details with the sender, which ensures absolute security and confidentiality of personal details,” explains CDB Emergent Business Information Technology General Manager Imdaad Naguib. “Having always ensured uncompromised security in all our technological platforms, this revolutionary FB fund transfer too embeds processes and firewalls that assure users of stringent security that will never compromise their personal information. Hence, the recipient will have a unique four-digit alphabetic pass-code to access the transfer.”

The benefits and advantages pertinent to this revolutionising innovation are many. From sending gifts to helping a friend in need or making a donation to a worthy cause, this transfer option is truly a boon to those who don’t want to embarrass the beneficiary by requesting their bank account details. For an existing CDB Savings customer, the CDBiNet FB transfer is simply enacted by logging onto their CDBiNet account, clicking the Facebook Transfer option under Transfers and Payments, indicating the amount to be remitted, keying in the OTP (One Time Password) which is sent to the sender’s mobile and simply clicking ‘share’ to select the FB recipient. “A customised message could also be included by the customer,” says Naguib. “The four digit alphabetic password which is sent to the customer’s mobile must be forwarded to the recipient.” The Facebook user (recipient) could access the funds from any device by clicking on the message on FB Messenger, entering the forwarded pass-code and entering the bank account details for the funds to be credited to.

As Chief Digital Officer and Head Digital Face of Intellect Design Arena Rajesh Kuppuswamy adds: “The entire concept of money transfers has been revolutionised and reduced to just three steps of logging into the account, choosing the recipient on FB and transferring the funds. At digital face, we continually work to develop products that denote a bank in a pocket - banking convenience anywhere anytime. Our suite of products including unbanked, mass banking, agent banking, microfinance, migrant banking, digital onboarding are designed to meet the digital transformation needs of the banking industry.”