Yocha News- A British startup, Azimo, has launched a new service that allows users to exchange money between bank accounts using Facebook.
Reporting from IBTimes, services and applications are introduced this week at a conference in London FinovateEurope technology. According to the company, the application allows the transfer of funds between Facebook users in over 125 countries.
In its official statement, claiming Azimo services as the first in the world, and will enter the arena and "disrupt" the dominance of such money transfer giant Western Union and MoneyGram. The idea is to eliminate Azimo brokerage fees using social media as a channel to transfer money directly.
"We surveyed our money transfer customers in the UK and found nearly three-quarters of them use Facebook. And 60 percent deal with people who want them to send money, "explains founder Azimo, Michael Kent.
For each transaction, Kent claimed Azimo provide a cost which is fair enough. The system is working Azimo users who want to send money to invite people to sign up will receive Azimo via Facebook message. Furthermore, the recipient will access the application Azimo on Facebook, fill out detailed information and tell you where the money is to be sent.
To reduce the risk of fraud, Azimo says it plans to analyze various aspects of the user's Facebook profile, including how long the online profile, how many friends you have, and whether the user is using the same name as the email account linked to them.