The payment industry has been characterised as conservative for a long time but due to mobile technology and changes in banking regulations, fintech is becoming one of the most promising industries. ING Bank from The Netherlands has always operated at at the forefront of fintech developments. Twyp is a good example of this and it shows ING’s ambition to continuously improve and innovate the services offered to its customers.
What is Twyp?
Twyp is an app that allows you to chat and send money to anybody in your contact list. You only need a mobile phone number to “Twyp”. Transferring money is as quick and easy as sending a text message and does not require entering an IBAN number. The person you want to “Twyp” to, does not even need to have a bank account.
How does Twyp work?
Transactions between IBAN accounts using the banking network are processed in batches, which takes time. To overcome this, ING implemented a closed loop account system using Ximedes’ Pure SVA.
Every person using Twyp has a Pure SVA account and every payment done with Twyp is registered in Pure SVA. Transactions in Pure SVA are instant. Twyp accounts can receive money via Twyp transfers or via a top-up using a credit card. For withdrawing funds an IBAN number can be added to the Twyp account.
Involvement of Ximedes
Twyp is a good example of how the Ximedes expertise and experience can help fintech companies accelerate innovations. Ximedes offered ING a series of Workshops where the Twyp Product Manager of ING and the product development consultants of Ximedes worked closely together to define the requirements of Twyp.
Pure SVA, a standard Ximedes product, was implemented as the backbone of Twyp. In addition the Ximedes Software Development Center provided ING with a team of engineers to ensure a seamless integration with the backend of the Twyp app.