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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.