Santander has launched ‘KiTTi’, a money-management application that allows up to 100 users to transfer funds within a single account.
The banking firm has teamed up with mobile service provider Kalixa and payment technology company Monitise to develop KiTTi.
Santander claim KiTTi is the ‘‘very first app in the UK that brings the traditional cash kitty up to date.’’
The application is designed to compete against money sharing technology developed by the likes of Facebook, Whatsapp, Google and Apple. The technology hopes to act like a digital ‘kitty’, in which participants can transfer money into a shared digital account.
The smartphone app is available to both Android and iOS users. The technology is also available to non-Santander customers.
One person registers as an owner to set up a KiTTi and is sent a KiTTi prepaid contactless MasterCard. Up to 100 people can then join the account and can deposit up to £4000 via their smartphones.
‘‘Digital technology is rapidly changing how customers bank and pay on the move, and we are working to be at the forefront of that change. The launch of KiTTi, a UK first, also shows our commitment to providing simple, personal and fair products and services,’’ commented Nathan Bostock, CEO of Santander UK.
Santander has invested heavily into the FinTech industry. Earlier this month Payment Eye reported that Banco Santander and Monitise have agreed to work together to launch a £20m FinTech venture builder.
‘‘Furthermore, Santander has a stated aim to show long-term commitment to financial technology, a business sector which is growing at a phenomenal rate.’’
‘‘Last year we launched InnoVentures, our fintech fund, which has already made significant investments into ground-breaking companies including MyCheck and Cyanogen.’’
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
