Curve, the so-called “over-the-top” banking platform that permits you to consolidate your whole financial institution playing cards right into a single Curve card and app, is launching new characteristic to make it attainable to ship cash to associates and contacts.
Dubbed “Curve Send,” the characteristic permits you to ship cash from any of your financial institution accounts (by way of the debit playing cards you may have linked to Curve) to some other account in over 25 totally different currencies. It does this by utilising the APIs of Visa and Mastercard, primarily turning the cardboard networks right into a single cash switch community by way of Curve because the middleman.
“Curve Send instantly solves people’s problem of financial fragmentation by consolidating all their cards into one, eliminating the lengthy money transfer process experienced by most customers when they want to send money to their friends or peers using multiple bank accounts or multiple currencies,” says the London-based fintech.
To switch cash by way of Curve Send, you merely open the Curve app, select a contact and quantity, after which choose which of your linked financial institution playing cards you wish to ship the cash from. The recipient will then get notified and be requested to take a photograph of their financial institution card, and Curve will ship the cash on to their financial institution by way of the cardboard community.
Curve says it doesn’t cost charges for sending or receiving funds by way of Curve Send. It will even deal with FX, too, at a claimed “mid-market” price with no charges (capped at £500 monthly for Curve customers on its free plan, and limitless for Curve Black and Curve Metal).
In a short e-mail alternate with Curve founder and CEO Shachar Bialick, he mentioned that “Curve is basically operating like an exchange” in that it brings Visa and Mastercard collectively, with Curve powering communication between the 2 card networks for peer-to-peer funds. “We’ve done tests for the past two months and people love it,” he says.
Adds Diego Rivas, Curve’s Head of OS Product, in an announcement: “Customers want to send money to their friends and family with just a few touches. But with so many different options and the rise of challenger banks, the process is unnecessarily complicated and customers end up having 3-4 apps just to send money. We wanted to make this whole process ten times easier for our customers. Now they have one simple, smart platform which can move money from any account to any account, securely and fee free”.
