Otto worked with Hanseatic Bank on the service, which requires the user to fill out a form with the recipient, IBAN, amount, and purpose.
By using the new API, money can be transferred within a few seconds rather than several days for goods on the websites of Otto brands. The customer receives a confirmation that the transfer has been completed within one minute.
As well as enabling faster retail, Otto stated that the technology could enable instant activation of subscription services or insurance. The service is expected to eventually be available across the Eurozone, but it was launched initially in France, Germany, and Spain.
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